Digital MGA Foxquilt Secures $12M in Series A and B Round
Funding Round Info:
Leading North American insurance technology company, Foxquilt, has successfully raised $12M in funding across two rounds. The initial closing, led by ICM at the end of 2022, was followed by another round in recent weeks, with participation from both existing and new investors. This significant investment reflects confidence in Foxquilt's innovative insurance approach, poised to revolutionize the industry. The Series B funding will facilitate Foxquilt's expansion plans in North America, allowing the company to scale its embedded enterprise capabilities, enhance its technology infrastructure, and diversify its product offerings. Advanced data analytics will also be developed, enabling Foxquilt to better understand customer needs and tailor insurance solutions for various markets.
About Foxquilt:
Foxquilt, a technology-driven insurance company, specializes in catering to the insurance needs of small businesses. The company, led by CEO Mark Morissette, operates in the United States and Canada, where it develops, underwrites, and distributes a comprehensive range of commercial insurance products. Leveraging data analytics and artificial intelligence, Foxquilt customizes insurance coverage and pricing to perfectly suit the unique requirements of its small business clientele. Customers can access these tailored insurance solutions through brokers/agents, affinity partners, or directly from the company.
About ICM:
ICM, an international Fund Manager and Corporate Finance Adviser located in Bermuda, has a global presence with 10 offices around the world. Specializing in listed equity, private equity, and fixed income bonds, ICM focuses on specific industries where profound expertise and a keen understanding of market segments offer potential for value addition. ICM's investment sectors include utilities & infrastructure, financial services, mining and resources, mobility, technology, and fixed income. The company prefers targeting investment opportunities that are under-researched, misunderstood, or have complex access structures. Through industry specializations and an adaptable approach, ICM fully harnesses the potential of its investments. Leveraging its culture, structure, and expertise, the company seizes opportunities without the investment barriers faced by others. Embracing complexities, ICM aims to establish substantial shareholder positions and commits its capital for the long term, especially in non-mainstream assets.