Zeninsurance picks up $1m for SME coverage

Commercial insurance startup Zeninsurance has closed it $1m seed round led by Ferst Capital Partners.

The Toronto-based company offers curated commercial insurance packages for small businesses with a particular emphasis on digitising companies and tech startups.

The company says it will use the capital to hire new talent and build out the company.

Explaining the pain point the startup aims to tackle Zeninsurance CEO Danish Yusuf said, “Most small business owners have to fill out and fax 10-page forms, wait weeks and pay by cheque to get insurance.

“We are very excited to bring transparency and digitization to such an important industry,”

Ferst Capital is a fintech-dedicated early stage venture capital firm that targets company helping to improve the financial live of Canadian.

Managing partner Dominique Ferst said, “We see an enormous opportunity to re-imagine the way in which insurance is distributed to businesses by leveraging technology.

“Yet innovation in the commercial insurance industry, until now, has been largely unaddressed in Canada.”

Copyright © 2016 FINTECH GLOBAL

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