Leading North American digital MGA, Foxquilt has successfully secured $12 million in funding, spanned across 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 clearly underscores the confidence in Foxquilt’s innovative approach to insurance and its potential to transform the industry landscape.
According to Foxquilt, the funding will be used to fuel the firm’s plans to expand across North America. The funding will enable the MGA to scale its embedded enterprise capabilities, further develop its technology infrastructure, and expand its product offerings.
As a result, the increased resources will also support the development of cutting-edge data analytics capabilities, which ultimately will help the company to have a better understanding of 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 across the insurance sector – empowering businesses and communities to better serve their customers’ unique needs.
Mark Morissette, CEO & Co-Founder of Foxquilt, commented: “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.”
Established in 2016, Foxquilt’s success can heavily be attributed to a combination of proprietary technology and insurance products – combined with large-scale growth through B2B enterprise and broker/agent distribution channels.
In addition, 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.
In early 2021, Foxquilt partnered with Munich Re subsidiary Digital Partners on end-to-end insurance products and programs for small businesses. The collaboration provides Foxquilt’s team with the autonomy and capabilities to design products and underwriting and rating algorithms.