Foxquilt Raises $12M in Funding

Foxquilt logo

Foxquilt, a Toronto, Canada-based insurance technology company specializing in small business and micro-enterprise markets, raised $12M in funding.

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.

The company intends to use the funds to accelerate North American expansion plans, enabling to scale its embedded enterprise capabilities, further enhance its technology infrastructure, and broaden its product offerings.

Led by CEO Mark Morissette, Foxquilt is an insurance technology company focused on providing small businesses insurance. It 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 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.