Kitchener-based Dozr, an online platform for construction and agricultural equipment owners, has announced the close of a $2.5 million financing round, led by FairVentures, the innovation initiative of the financial holding company Fairfax.
As part of the deal the deal, Fairfax’s subsidiary Federated Insurance Company of Canada will provide Dozr with an insurance coverage plan to protect equipment owners when customers rent their machinery.The company is also planning to use the investment from FairVentures to expand into the United States.
“Now we can give equipment owners comfort that they are protected if something goes wrong while someone is using their equipment,” said Kevin Forestell, the direct and co-founder of Dozr. “Until now, they just had to keep their fingers crossed because no one else offered insurance, and it was nearly impossible to get through a broker.”
Based at innovation hub Communitech, Dozr recently took home $100,000 at the Commnitech Rev demo day.