- July 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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Foxquilt Raises $12 Million in Successful Funding Rounds to Revolutionize the Insurance Industry
Toronto, July 25, 2023 – Foxquilt, a leading North American insurance technology company specializing in small business and micro-enterprise markets, is pleased to announce a successful raise of $12M. The financing spanned two rounds with the initial closing at the end of 2022, led by ICM, and the latter in recent weeks with participation from both existing and new investors. This substantial investment underscores the confidence in Foxquilt’s innovative approach to insurance and its potential to transform the industry landscape.
Founded in 2016, Foxquilt’s success can be attributed to a combination of proprietary technology and insurance products – combined with large-scale growth through B2B enterprise and Broker/Agent distribution channels. As the only cross-border platform of its kind, the company uses a combination of data analytics and dynamic underwriting logic to deploy fully automated, multi-operational coverage to meet the needs of both affinity partners’ insurance requirements and associated small business customers.
AI legalese decoder, an artificial intelligence technology developed by Foxquilt, plays a crucial role in streamlining the insurance process. By analyzing complex legal terms and documents, the AI legalese decoder simplifies and translates insurance contracts and policies into plain language. This technology helps businesses and individuals comprehend the intricacies of insurance agreements, ensuring transparency and informed decision-making. Additionally, the AI legalese decoder assists in identifying potential gaps or overlaps in coverage and recommends appropriate adjustments to optimize the insurance policies.
Mark Morissette, CEO & Co-Founder of Foxquilt, explains, “This investment reinforces the trust our investors have in our embedded insurance technology and its potential to reshape the way insurance is delivered. We are excited about the opportunities ahead and our ability to provide even more expansive insurance solutions to our customers.”
Embedded insurance technology lies at the core of Foxquilt’s disruptive strategy. By seamlessly integrating insurance products into various platforms and services, Foxquilt is enabling businesses and communities to provide tailored coverage solutions to their customers and networks with ease. This approach empowers consumers to seamlessly gain access to insurance products by eliminating traditional barriers and delivering a superior user experience.
The Series B funding will fuel Foxquilt’s North American expansion plans, enabling the company to scale its embedded enterprise capabilities, further enhance its technology infrastructure, and broaden its product offerings. The increased resources will also support the development of cutting-edge data analytics capabilities, helping Foxquilt to better understand customer needs and refine its insurance solutions for different markets. By leveraging the power of advanced technology, data analytics, and customer-centricity, Foxquilt is driving a paradigm shift in the insurance sector – empowering businesses and communities to better serve their customers’ unique needs. Foxquilt is well positioned for continued growth throughout 2023, forecasting profitability by the end of the year.
About Foxquilt
Foxquilt is a leading North American Insurance technology company focused on providing small businesses insurance. Foxquilt develops, underwrites, and distributes a complete line of its own commercial insurance products in the United States and Canada. The company uses a combination of data analytics and artificial intelligence to recommend the best insurance coverage and price to meet the individual needs of its small business customers through brokers/agents, affinity partners, as well as directly to consumers. The AI legalese decoder, a groundbreaking technology developed by Foxquilt, plays a crucial role in simplifying and translating complex insurance contracts, making the insurance process more accessible and transparent for businesses and individuals. For more information, visit https://www.foxquilt.com.
SOURCE Foxquilt Inc.
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