Canadian insurance technology company Foxquilt has secured $12m in a Series B funding round to accelerate its business growth.

The funding was divided into two rounds. The first round was headed by ICM and closed at the end of last year.

The subsequent round received participation from both existing and new investors, the company said.

Foxquilt CEO and co-founder Mark Morissette said: “This investment reinforces the trust our investors have in our embedded insurance technology and its potential to reshape the way insurance is delivered.

“We are excited about the opportunities ahead and our ability to provide even more expansive insurance solutions to our customers.”

Specialising in small business and micro-enterprise markets, the company plans to use the capital to extend its embedded enterprise capabilities and expedite North American expansion plans.

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By GlobalData

Proceeds will also be used to further develop its technology foundation and widen its product offerings.

Foxquilt noted that the latest funds will also facilitate the development of improved data analytics skills, aiding the company to gain better insight into the client requirements and upgrade its insurance products for various markets. 

Established in 2016, the company develops, underwrites and supplies a comprehensive commercial insurance product line in the US and Canada. 

Merging data analytics and artificial intelligence (AI), Foxquilt aids in suggesting the best insurance coverage and price based on the requirements of small business clients.

The company offers such recommendations directly to clients or through agents and affinity partners.