Canadian startup YouSet has secured C$3.5m ($2.57m) in an oversubscribed seed funding round to enhance the insurance shopping experience.
This funding, which follows YouSet’s C$2.1m pre-seed round from 2022, includes contributions from both previous and new strategic angel investors.
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YouSet’s seed financing attracted repeat investments from industry veterans such as Intact’s former executive VP Don Fox and Marsh’s former managing director Neil Mitchell.
Joe Canavan, principal of Canavan Capital; and Nicolas Bouchard, founder of DuProprio, also reaffirmed their support.
Joining the new investor lineup are Jim Texier, former head of big data at AXA; Phil Gibson, former senior VP at Aviva; and Dan Robichaud, a serial entrepreneur and investor.
Established in 2017, YouSet aims to streamline the insurance procurement process.
The insurtech’s platform allows users to compare rates from insurers in under four minutes, claiming to save customers an average of around 30% on premiums.
A new feature now enables customers to bundle home and auto policies from different insurers, offering up to a further 15% in savings, the insurtech said.
The recent capital infusion will fuel YouSet’s growth strategy, which includes broadening its network of more than 50 distribution partners and scaling its team to support its growing user base, which currently exceeds 250,000 Canadians.
YouSet co-founder and CEO Xavier Freeman said: “If YouSet’s growth to date has taught us anything, it is that Canadians are very eager to find better home and auto insurance at a lower cost, just as we’re dedicated to making it a reality.
“In today’s environment, most people are looking to cut their costs without compromising on quality. We make it easy for users to find the right policy and reduce their insurance bill, online and in minutes.”
