Foxquilt, an insurtech firm focused on small business owners, has raised $8m in the latest funding round led by Luge Capital.

The round was also joined by AmTrust Financial, Extreme Venture Partners and Side Door Ventures.

Foxquilt plans to use the capital for hiring, adding resources for product development as well as business expansion across the US and Canada.

Foxquilt CEO and co-founder Mark Morissette said: “Our goal at Foxquilt has always been to make life easier for small business owners. Whether you are a sole proprietor or part of a larger enterprise network or marketplace, our technology-powered suite of products is made to digitise the insurance process and take one thing off an overfilled plate.”

Foxquilt’s platform leverages data analytics and artificial intelligence to offer business insurance based on business type and requirements.

Its direct to business insurance offerings include general liability, professional liability, workers’ compensation, cyber, and commercial automobile coverage.

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Foxquilt develops, underwrites, and distributes its commercial insurance products in the US and Canada.

Luge Capital general partner David Nault said: “Of all the solutions we looked at, Foxquilt was by far the best one for SMBs and, given that they design their own insurance products and underwriting process, they can save their customers time, risk and money.”

“We also loved that Foxquilt used a combination of proprietary data, AI and industry insights to properly assess risk and make the right recommendations to business owners.”