Foxquilt, a big data solution for insurance firms, has secured CAD $1.2m ($915,500) in a seed round of funding.
The investment was led by Canadian seed-stage investor Extreme Venture Partners.
With the burst of capital, Foxquilt hopes to further the development of its technology, and boost the growth of its sales and marketing efforts. Its current goal is to scale its customer base in Ontario.
The Canadian company hopes to ?build a sharing platform leveraging AI and behavioural science to help unite likeminded consumers to save money while eliminating the pain of accessing the product,the company CEO Mark Morissette said.
Foxquilt uses big data and machine learning technology to help social groups to same money on home, small business and auto insurance. The platform lets consumers and small businesses to join groups with similar insurance needs to acquire a discount off of premiums, reduce their deductibles and receive rewards at renewals.
The platform lets users purchase insurance online from carriers and access group purchasing power.
Extreme Venture Partners founder and CEO Ray Sharma said, ?Insurance is ripe for digital transformation and were thrilled to support the incredible team at Foxquilt as they innovate the way consumers buy insurance.
?We believe strongly that there is a need for this kind of technology disruption to decentralize a massive, traditional market. Were excited to start seeing the positive effects that greater purchasing power will have for more affordable and convenient insurance.p>
Earlier in the month, Canadian FinTech company Kooltra bagged CAD $6.5m in funding to support its expansion plans. Kooltra helps financial institutions to save customers money and increase their own margins and profits by updating outdated and manual foreign exchange processes.
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