PriyaPatel
TLDR:
Canadian startup YouSet has secured $3.5m in seed funding to simplify insurance shopping in Canada. The funding round was oversubscribed and saw participation from both previous and new strategic investors, including notable figures from the insurance industry. YouSet, founded in 2017, aims to make insurance shopping quicker and more cost-effective by allowing users to compare rates from top insurers in less than four minutes, typically saving nearly 30% on premiums. The company has also launched a new feature to bundle home and auto policies from different insurers, potentially unlocking an additional 15% in savings. The fresh capital injection will be used to expand YouSet’s reach through a network of distribution partners and scale its team to accommodate its rapid user base expansion.
Key Points:
- YouSet secures $3.5m in seed funding to transform insurance shopping in Canada.
- The funding round was oversubscribed and included both previous and new strategic investors.
Full Article:
Canadian startup YouSet, aimed at simplifying the insurance procurement process, has successfully closed an oversubscribed seed funding round, amassing $3.5m. The round saw participation from both previous and new strategic investors. Notable figures such as Don Fox, former Executive VP at Intact, and Neil Mitchell, former Managing Director at Marsh, were returning investors from the company’s $2.1m pre-seed round in 2022. They were joined by new faces like Jim Texier, former Head of Big Data at AXA, and Phil Gibson, former Senior VP at Aviva.
Founded in 2017, YouSet has been dedicated to making insurance shopping quicker and more cost-effective. By leveraging its technology, users can compare rates from top insurers in less than four minutes, typically saving nearly 30% on their premiums. Adding to its innovative approach, YouSet has now launched a new feature that allows customers to bundle home and auto policies from different insurers, potentially unlocking an additional 15% in savings.
The fresh capital injection will be instrumental in furthering YouSet’s growth strategy. This includes expanding its reach through a network of over 50 distribution partners and scaling its team from 20 to accommodate its rapid user base expansion, which currently stands at over 250,000 Canadians.
Joe Canavan, Principal of Canavan Capital and an early backer of YouSet, praised the company’s trajectory. “InsurTech is changing the way people shop for insurance around the world, and I’m excited to see how innovative companies like YouSet can revolutionize the industry right here in Canada. The company’s growth has been impressive and we believe that the value it delivers for Canadians will only increase. There is a large appetite for this all across Canada.”
