PriyaPatel
TLDR:
QuickFacts, an insurtech startup, has closed a $2 million funding round to accelerate its launch in the US and Quebec markets. The platform compiles insurance carrier data, saving brokers time on underwriting calls. The funding will allow QuickFacts to expand its team, enter the US market, and enhance its data and AI capabilities.
Key points:
- QuickFacts closes $2 million funding round led by Sandpiper Ventures
- Platform compiles insurance carrier data, saving brokers time
- Funding to support expansion into US market and enhance data and AI capabilities
Full Article:
QuickFacts, an insurtech startup keen to improve insurance industry efficiency, has closed an oversubscribed $2 million funding round. The capital is aimed at accelerating QuickFacts’ launch in the US and Quebec markets, building on its recent expansion across Western Canada. Led by Sandpiper Ventures, the financing round was also supported by the likes of private investment firm Killick Capital, Canadian technology executive and angel investor Paul Hill, New York City-based fund InsurTech NY, and industry veterans such as former Marsh Canada managing director Neil Mitchell and ex- Aviva MD Phil Gibson.
Founded in late 2020 by president & chief executive Christy Barsalou and chief revenue officer Jeff Barsalou, QuickFacts offers a platform that compiles insurance carrier data into a database. The software enables users to perform side-by-side underwriting comparisons and significantly reduces the need for underwriting calls, saving brokers up to two hours daily, it is claimed. In 2024, QuickFacts’ users have collectively saved over 228,000 hours, the company said. The QuickFacts platform currently supports 100 brokerage clients and 2,500 users.
“We’re extremely proud to see the success and positive feedback QuickFacts has received over the past year,” commented Jeff Barsalou. “Securing this funding is crucial for our growth trajectory, reflecting our investors’ confidence in our ability to empower brokers with reliable underwriting information and process technology.” Rhiannon Davies, co-founder and managing partner at Sandpiper Ventures, added: “Sandpiper Ventures is pleased to lead an oversubscribed funding round and re-invest in a woman-led company we continue to believe in… We are excited to support the QuickFacts team as they continue to enhance capabilities and further expand their reach.”
The funding will allow QuickFacts to expand its team, with plans to hire four additional employees this year. This growth will support the company’s Canadian expansion, entry into the US market, and the addition of new commercial and agricultural product lines. The team is particularly focused on advancing its data and artificial intelligence capabilities.
The firm’s president and CEO noted: “US brokerages are experiencing similar pain points to Canadian brokerages, but on a much larger scale due to the sheer size of the market and state differences. That’s why technology is imperative for brokers to keep pace with rapid carrier information changes, ensuring they deliver accurate, up-to-date advice to clients, ultimately enhancing efficiency and service quality.”
