Foxquilt raised $3.5 million in its most recent seed round, bringing its total financing amount to $4.2 million.
Among the investors for the round was Extreme Venture Partners, which also participated in the previous round. There were other undisclosed strategic investors, and Foxquilt chose not to reveal the round’s lead investor.
In a statement to BetaKit, Foxquilt explained that it wishes to protect the investor’s “brand identity.” The insurtech did reveal, however, that the lead investor is a “larger investment bank that usually leads larger, later rounds versus early seed rounds.”
Foxquilt’s last round in June 2018, totaling $1.2 million, was classified as its seed round at that time, but the company has since explained that the 2018 round was a pre-seed and that this 2020 round is not a seed extension.
According to Foxquilt, the 2018 round was meant to support the development of the company’s business model, team, and first iteration of its platform. This recent round allows international partners to help Foxquilt become “a full-insurer”, as well as help scale its growth nationally, the company told BetaKit.
In a recent blog post, Foxquilt revealed that it has designed architecture and underwriting algorithms, allowing it to become a “full-service insurance provider” that can receive underwriting authority to price, bind, and issue commercial insurance policies online. The insurtech had partnered with an unnamed reinsurance company as part of this effort.
The reinsurance partnership and underwriting platform will launch this fall, BetaKit reported.
In February, Foxquilt expanded its services in Alberta and BC. The move is the company’s first step into the Western Canada region, where it hopes to bring its innovative insurance model.
