Foxquilt raises $1.2 million to help people save on insurance by buying in groups

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Toronto-based Foxquilt has announced a close of $1.2 million in a seed round led by Extreme Venture Partners.

The company was co-founded by CEO Mark Morissette and Karim Jamal, both formerly with Real Matters and Aviva Canada. Foxquilt enables consumers and small businesses to join groups with similar needs to achieve a discount off their premium, reduce deductibles, and be rewarded at renewal should their claims experience be in line during the past year. The company targets the auto insurance, home insurance, and small business space.

“Today, we join communities to save across a number of industries – so why not home and commercial insurance,” said Mark Morissette, the CEO and founder of Foxquilt. “We were determined to build a sharing platform leveraging AI and behavioural science to help unite like-minded consumers to save money while eliminating the pain of accessing the product. We go downstream to help the customer before they’ve even started their buying journey. With Foxquilt, consumers will be able to easily access the power of their communities to reduce their premiums and deductibles.”

The investment is intended to support Foxquilt’s tech and accelerate its growth through expansion of sales and marketing as they scale their customer base starting in Ontario.

“Insurance is ripe for digital transformation and we’re thrilled to support the incredible team at Foxquilt as they innovate the way consumers buy insurance,” said Ray Sharma, the founder and CEO of Extreme Venture Partners. “We believe strongly that there is a need for this kind of technology disruption to decentralize a massive, traditional market. We’re excited to start seeing the positive effects that greater purchasing power will have for more affordable and convenient insurance.”

Photo via Unsplash.