Insure-tech start-up Foxquilt raises $8million in Series A funding to accelerate it's expansion in the US

We would like to extend our warmest congratulations to Business School alumnus Mark Morrisette (MBA 2005), CEO and Co-Founder of Foxquilt, a leading "Insurtech" firm based in Toronto, Canada, who have just secured $8million CAD in Series A financing, to aid it's expansion into the United States, where the company launched this summer.

Foxquilt was jointly founded by Mark, and CFO Karim Jamal in 2016. They develop, underwrite and distribute bespoke insurance products to small and medium size businesses through it's own platform, using data analytics and artificial intelligence to tailor products to the business' needs. The company aims to provide a "more transparent and valuable means" of providing business insurance.

Mark said of this achievement "this new funding will allow Foxquilt to bring its offering to more small business owners in the US, where it is licensed in 40 states"

David Nault general partner of Luge Capital, who will be joining Foxquilt's board as a part of the funding round said, "Of all the solutions we looked at, Foxquilt was by far the best one for SMBs and, given that they design their own insurance products and underwriting process, they can save their customers time, risk and money. We also loved that Foxquilt used a combination of proprietary data, AI, and industry insights to properly assess risk and make the right recommendations to business owners" 

The company currently has 50 employees, but will be adding many more over the coming months to aid it's growth.


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First published: 28 January 2021