Equisoft, a Montreal-based insurance and investment software developer, has raised $125m in equity investment.
Of the total investment $70m came from new investors Investissement Québec and the government of Québec, with the remainder coming from Export Development Canada and Fondaction.
The remainder came from existing long-time investment partners, Export Development Canada (EDC) and Fondaction.
Founded in 1994, Equisoft has positioned itself at the forefront of digital transformation for the life insurance industry and a leader in wealth and investment management technologies.
Since its inception in Montreal, Quebec, Equisoft has been focused on both its financial growth and positive economic, social, and environmental impact.
Geneviève Morin, CEO of Fondaction, said financial technologies play a leading role in the digital transformation of the financial services and insurance sector, “For Fondaction, supporting Equisoft at every stage of its growth since 2008 is also about strengthening Montreal’s Fintech ecosystem and contributing to its international standing.”
Equisoft said the new funding will contribute to its global expansion, both organically and through strategic acquisitions.
It will also accelerate further development of its integrated life insurance software platform and wealth products to better serve its global customer base.
Equisoft CEO, Luis Romero, said, “Digital transformation and customer experience projects are no longer optional. Equisoft’s mission is to help companies through this process – at any stage of digital maturity – by delivering the most trusted solutions for complex financial services challenges. Our customer focused approach has enabled us to gain the confidence of some of the largest financial institutions around the world.
“We are honored by the trust and funding from our long-time investors and are thrilled to welcome Investissement Québec and the government of Québec as new investment partners. Their focus on domestic and international growth is a great fit with our expansion strategy as we look to further develop our global footprint through continued investment in our people, our products and through international acquisitions.”
Despite a challenging funding climate, InsurTechs are continuing to close funding rounds. Earlier this week, Flock, a London-based InsurTech focused on commercial vehicle fleets, secured $38m in its Series B funding round.
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