Foxquilt raises $12 million

Toronto-based digital broker Foxquilt has raised $12 million in a Series B financing round led by ICM , bringing its total funding to $23.5 million. Previous investors include Luge Capital, AmTrust Financial, Extreme Venture Partners and Side Door Ventures.

Founded in 2016, Foxquilt (a team of ~35) is an online commercial broker that represents several carriers including AmTrust Financial , and CBIC . The company offers commercial general liability, workers’ compensation, management liability and professional liability lines of business.

LinkedIn data shows that over the last 12 months, Foxquilt lost 36% of its personnel.

According to the company’s press release, the Series B funding will fuel Foxquilt’s North American expansion plans, enabling the company to scale its embedded enterprise capabilities, further enhance its technology infrastructure, and broaden its product offerings.