Vancouver insurtech startup Quandri has secured $12 million USD ($16.5 million CAD) in fresh financing to scale its artificial intelligence (AI) platform for the insurance industry.
Quandri aims to help insurance firms âdo more with lessâ by automating âhighly manual,â time-consuming, and repetitive personal policy servicing tasks with its software.
Fregeau claims Quandri has seen âvery strong signsâ of product-market fit in the US.
âWeâre here to serve brokerages and agents and enable them to take advantage of the revolution thatâs happening in AI to dramatically change their businesses for the better,â Quandri co-founder and president Jamieson Fregeau told BetaKit in an interview.
Fregeau claims Quandri has seen âvery strong signsâ of product-market fit in the United States (US) since officially launching there in late 2024, doubling or tripling quarter-over-quarter and attracting big agency customers during this time.
Quandri plans to use this capital to accelerate its go-to-market efforts in Canada and the US, expand its operations on both sides of the border, and invest more in engineering and AI.
Founded in 2021 by Jamieson Fregeau and his brother Jackson Fregeau (the companyâs CEO), Quandri sells AI-enabled renewal intelligence software designed to help insurance brokers and agents streamline tasks and identify actionable policy insights, while also improving the renewal experience for end customers.
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Fregeau said Quandriâs all-equity, all-primary Series âA-plusâ round closed in May, and was led by Torontoâs Framework Venture Partners, with support from fellow new investor Intact Ventures, the corporate venture capital arm of large Toronto-based insurance firm Intact Financial.
Jamieson Fregeau said Framework brings tech investing and operational chops and Intact Ventures offers insurance and insurtech expertise that could be helpful as Quandri scales.
Existing backers, including Vancouverâs Defined Capital and Seattle-based Fuse (which invested in Quandriâs $8.5-million USD Series A in 2023), also participated in the round.
Image courtesy Quandri.
Fregeau claimed that Quandriâs most recent financing was an up round relative to its Series A, but declined to share the companyâs latest valuation. This round brings Quandriâs total funding to $22 million USD, a figure that also includes a $1.5-million USD seed round from 2022.
Quandri claims it has increased its revenue fifteenfold since its Series A, but Fregeau declined to disclose its current sales. Quandri also says the company expanded its customer base to over 100 insurance agencies and brokerages across North America, including Brokerlink, Western Financial Group, HomeServices Insurance, and BlueRidge Risk Partners. Additionally, the startup has grown its headcount fivefold to 75 full-time employees and rolled out AI-powered policy checking, requoting, and personalized outreach capabilities during this time.
Quandri says brokerages and agencies are using its tech to automate policy and renewal reviews, gain renewal insights, streamline requoting, and proactively engage with clients. It claims that its software has helped customers boost retention and grow their revenue, such as through identifying upselling and cross-selling opportunities.
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For his part, HomeServices Insurance president and CEO Chris Rosati said Quandri has helped the firm operate more efficiently, increase client engagement, and focus its workforce on higher-value work.
âQuandri is solving a massive pain point in a legacy industry,â Framework partner Ajay Gopal, who has joined Quandriâs board of directors, said in a statement.
âQuandri is solving a massive pain point in a legacy industry.â
In a statement of his own, Intact Ventures head of investments Justin Smith-Lorenzetti said the firm believes in Quandriâs product, team, and âthe immense opportunity aheadâ as it modernizes broker workflows and insurance distribution.
Quandri leverages AI to analyze existing personal lines insurance policies and renewal data, generate quotes based on market rates, and package this information into a hyper-personalized email that the broker can review and send to end customers.
To support its growth plans, Quandri plans to add more than 40 more people to its team by the end of 2025. Fregeau said these new hires will be spread across product and engineering functions and go-to-market and customer service roles. The startup intends to expand its Vancouver headquarters with a new 15,000-sq.-ft. office.
Quandri also intends to open a hub in Boston to better serve its growing number of US clients. Fregeau said the startup chose the East Coast city given its insurtech talent pool and location on the opposite side of North America from its existing operations in Vancouver, which helps it cover the continent from coast to coast.
Feature image courtesy Quandri.