What is Foxquilt?
Founded in 2016 and headquartered in Toronto, Foxquilt operates as an innovative Insurance-as-a-Service platform designed to streamline the procurement of small business insurance. The company distinguishes itself through a proprietary underwriting engine that utilizes machine learning and sophisticated data analytics to provide tailored coverage solutions. By integrating its technology into B2B networks, Foxquilt effectively reduces friction in the insurance lifecycle, offering a scalable alternative to traditional brokerage models. Its market position is defined by a commitment to operational efficiency and the democratization of insurance access for small enterprises, positioning it as a critical infrastructure provider in the evolving fintech ecosystem.
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 83North, Mastercard, Goldman Sachs, Molten, Nationwide, Barclays, and Lloyds Banking Group
Series B (2023): $12M supported by ICM
Key Investors in Foxquilt
83North
A global venture capital firm that manages over $2.2 billion and focuses on supporting exceptional entrepreneurs at all stages to build category-leading companies.
Mastercard
A global technology leader in the payments industry that provides a wide range of payment solutions and services, facilitating secure and efficient transactions worldwide.
Goldman Sachs
A premier global investment banking and management firm providing comprehensive financial services, including strategic advisory and capital market expertise.
What's next for Foxquilt?
With the infusion of recent capital, Foxquilt is well-positioned to scale its underwriting capabilities and expand its footprint across North American markets. The strategic focus will likely center on deepening its technological moat through enhanced AI-driven risk assessment models and broadening its distribution partnerships. As the company transitions from its scaling phase toward broader enterprise-level adoption, the emphasis will remain on maintaining its competitive edge in the InsurTech space while navigating the complexities of global insurance regulations. Future growth will be predicated on the firm's ability to maintain its high-velocity product development cycle while delivering consistent value to its B2B network partners.
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