What is Foxquilt?
Founded in 2016 and headquartered in Toronto, Ontario, Canada, Foxquilt operates at the intersection of insurance and technology. The company specializes in empowering small businesses and B2B networks to optimize their spending on small business insurance. Its core offering is an Insurance-as-a-Service platform, which is underpinned by a sophisticated data and machine learning underwriting infrastructure. This unique combination allows Foxquilt to provide tailored and efficient insurance solutions, addressing a critical need in the market for accessible and cost-effective coverage for smaller enterprises.
How much funding has Foxquilt raised?
Foxquilt has raised a total of $23.5M across 3 funding rounds:
Angel/Seed
$3.5M
Series A
$8M
Series B
$12M
Angel/Seed (2020): $3.5M, investors not publicly disclosed
Series A (2021): $8M led by Goldman Sachs, Draper Esprit, Mastercard, 83North, Nationwide, Barclays, and Lloyds Banking Group
Series B (2023): $12M supported by ICM
Key Investors in Foxquilt
Goldman Sachs
Goldman Sachs, a prominent global investment banking firm, is known for its extensive financial services, including underwriting and strategic advisory, making it a key player in supporting companies like Foxquilt's growth.
Draper Esprit
Draper Esprit is a venture capital firm that invests in high-growth technology companies, indicating a focus on scalable and innovative businesses within the tech sector.
Mastercard
Mastercard, a global leader in payment technology, likely brings strategic insights into payment processing and financial infrastructure, crucial for an InsurTech company.
What's next for Foxquilt?
With the recent influx of major strategic investment, Foxquilt is poised for accelerated growth and market expansion. The company's focus on leveraging data and machine learning for underwriting suggests a continued emphasis on technological innovation and operational efficiency. This enterprise-level backing will likely fuel further development of its Insurance-as-a-Service platform, enhance its data analytics capabilities, and potentially broaden its reach into new markets or customer segments. The strategic nature of the recent financing indicates a strong belief in Foxquilt's business model and its potential to disrupt the traditional insurance landscape for small businesses.
See full Foxquilt company page
