Canadian InsurTech SureBright, which offers an insurance-as-a-service platform, has reportedly collected $2.5m in its pre-seed round.
Motivate Ventures served as the lead investor, with commitments also coming from Panache Ventures, according to a report from Coverager.
Founded in 2021, the insurance-as-a-service platform enables any company to embed insurance and warranty products on their website. It allows users to connect, embed and increase average order value by 14%, its website claims.
The platform is no-code and claims to increase revenue, improve purchase conversion and offer hassle-free management. In terms of claims, users can quickly handle it through the app or web portal.
Other investors in SureBright are Plug and Play, Simplex and InsurTech NY.
Motivate Ventures is no stranger to the FinTech sector. It recently led the $2.8m seed funding round of digital payments network iink Payments. The company helps people get paid up to 60-times faster for insurance restoration work.
Another recent investment into the FinTech sector was a contribution to the $4m funding round of low-code platform Quiltt. The company offers a suite of no-code UI modules that allow anyone to rapidly experiment on top of its data platform.
There have been 35 FinTech seed deals in Canada during the first six months of 2022. A total of $113m was raised among them. The largest deal was raised by MeetAmi Innovations, a digital asset investment product provider. It raked in $29m.
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