Foxquilt
Foxquilt is a digital insurance platform selling small-business coverage online in Canada and the US.
On the record
Checkpoint: Whether Foxquilt announces a new funding round after 3 years of silence since its Series B
The call
Foxquilt holds real licenses and carrier ties but has raised no new money in three years while bigger insurers absorb its closest rivals.
Foxquilt is a digital marketplace that helps small businesses buy insurance by connecting them to carriers through software and licensed advisors. Competitors like Zensurance and NEXT Insurance were bought by much larger insurance companies (Travelers and ERGO), which now have more money and reach to do the same thing Foxquilt does. The real threat is that large insurance companies are also building AI systems that can underwrite policies faster and cheaper than human advisors, and Foxquilt has not raised new funding in approximately three years, which suggests it may be running out of money. The one thing that could change everything is whether Foxquilt still has enough cash to survive and grow, or whether it becomes a quick acquisition target or runs out of runway.
Why
01
AI pressure: Carrier-built underwriting AI (Travelers, ERGO/NEXT Insurance, Markel frontier-AI efforts). Big carriers now run their own AI underwriting, cutting the cost edge that let Foxquilt undercut them. Could AI do the core job? Yes, likely.
02
Bigger players: Travelers (via Zensurance), ERGO Group (via NEXT Insurance). Two direct rivals were bought by giant insurers, giving them Foxquilt's playbook plus much deeper pockets. Could a giant copy it? Yes, easily.
03
What protects it. State and provincial licenses plus carrier paper from Markel, Greenlight Re, and Lloyd's take years to replace.
What would change this call
Foxquilt announces a Series C or any new funding round by end of 2026. Would show the company escaped its 3-year funding drought and remains investable.
Foxquilt headcount grows beyond current 23-50 range in public job listings or LinkedIn data. Would indicate business expansion rather than continued contraction.
Markel, Greenlight Re, or Lloyd's publicly ends or reduces its carrier paper relationship with Foxquilt. Would show loss of underwriting capacity critical to Foxquilt's MGU model.
Foxquilt headcount grows beyond current 23-50 range in public job listings or LinkedIn data. Would indicate business expansion rather than continued contraction.
Markel, Greenlight Re, or Lloyd's publicly ends or reduces its carrier paper relationship with Foxquilt. Would show loss of underwriting capacity critical to Foxquilt's MGU model.
Key numbers
- Series B: $12M closed July 2023
- No new raise announced since 2023
- Estimated headcount 23-50 employees
Named risks
- No new funding round since July 2023 Series B, paired with prior headcount decline, signals possible cash stress.
- Incumbents Travelers and ERGO have already acquired direct peers Zensurance and NEXT Insurance.
- Dependence on a small set of carrier partners (Markel, Greenlight Re, Lloyd's) for admitted paper creates concentration risk.
- Core AI underwriting differentiator is being replicated industry-wide by better-capitalized carriers.
- Financial figures across trackers (PrivCo, Datanyze, Growjo, CBInsights) are wildly inconsistent, undermining evaluation confidence.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Zensurance (Travelers) | gaining on | Acquired by Travelers Companies, confirmed 2026-04-26 per CBInsights |
| NEXT Insurance (ERGO NEXT) | gaining on | Rebranded ERGO NEXT after ERGO Group acquisition, per Blake Insurance Group, 2026-06-09 |
| Coterie Insurance | contesting | Capital-rich SMB insurtech peer listed among Foxquilt's direct alternatives, per CBInsights |
| Coalition, Liberty Mutual, Marsh, Lockton, Resilience (Project QuiltWorks) | gaining on | Building frontier-AI underwriting frameworks industry-wide, per CrowdStrike, 2026-05-28 |
Questions people ask
- Is Foxquilt profitable in 2026?
- Foxquilt's CEO forecast profitability by end of 2023 in the July 25, 2023 Series B release, but no independent confirmation of that target being met has surfaced, and no updated financial disclosure exists through 2026, so its profitability status remains unverified.
- Has Foxquilt had layoffs?
- LinkedIn-derived headcount data showed a 36% personnel decline over the 12 months leading up to July 2023, coinciding with Foxquilt's Series B raise, per Coverager, 2023-07-26, suggesting a restructuring or contraction phase rather than growth.
- Could AI replace Foxquilt?
- Foxquilt's core product, algorithmic underwriting, is itself an AI workflow, and Deloitte reported in May 2026 that GenAI underwriting agents are now deployed industry-wide by larger carriers, meaning the same tech Foxquilt markets is being replicated at greater scale by better-capitalized rivals.
- Who is Foxquilt's biggest competitor?
- Zensurance, a similarly-sized Toronto insurtech, is now a subsidiary of The Travelers Companies per CBInsights, 2026-04-26, and NEXT Insurance became ERGO NEXT after ERGO Group's acquisition, meaning Foxquilt's direct peers have been absorbed by much larger incumbents.
- Who owns Foxquilt?
- Foxquilt is privately held and venture-backed, with investors including Luge Capital, AmTrust Financial, ICM Asset Management, Extreme Venture Partners and Side Door Ventures; no acquisition or IPO has been reported as of mid-2026.
- How much funding has Foxquilt raised?
- Documented rounds include a CAD $1.2M seed, an additional seed round in July 2020, an $8M Series A closed September 16, 2021 led by Luge Capital, and a $12M Series B announced July 25, 2023 in two tranches; no round has been publicly reported since.
Timeline
- 2026-06-03Partnership with Liberty Home Guard for digital GL coverage for home-service technicians
- 2026-04-26Zensurance confirmed as subsidiary of Travelers Companies per CBInsights
- 2026-03-09Bold Penguin adds Foxquilt to its Terminal insurance marketplace
- 2026-02-01Foxquilt launches admitted digital insurance products in New York state
- 2024-01-25CEO Mark Morissette calls Foxquilt's AI underwriting InsurTech 2.0 in PYMNTS interview
- 2023-07-25Series B $12M funding announced in two tranches, led by ICM Asset Management
- 2021-09-16Series A $8M closed, led by Luge Capital with AmTrust Financial
- 2020-07Additional seed funding round raised
Revision history
23 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- InsurTech 2.0 Brings AI to SMB Insurance, Foxquilt Says (2024-01-25)
- Canadian InsurTech Foxquilt secures CAD $1.2m in seed round
- Foxquilt Announces $8M Series A Round (2021-09-16)
- North American Digital MGA, Foxquilt, Secures $12M Funding (2023-07-25)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-03-12)
- Foxquilt Company Profile: Financials, Valuation, and Growth (2024-03-14)
- Management and Employees List
- Revenue, Competitors, Alternatives (2022-04-18)
- Foxden Landing Page
- What is Sales and Marketing Strategy of Foxquilt Company? (2025-07-11)
- Foxquilt raises $8 million (2021-09-17)
- Foxquilt raises $12 million (2023-07-26)