Insurtech YouSet secures $3.5 million in investor funding

Insurtech YouSet secures $3.5 million in investor funding | Insurance Business Canada

Technology

Insurtech YouSet secures $3.5 million in investor funding

Investment coincides with launch of new platform feature

Technology

By
Terry Gangcuangco

Canadian insurtech startup YouSet has secured $3.5 million in an oversubscribed seed funding round. The investment, which builds on a $2.1 million pre-seed round in 2022, coincides with the launch of a new YouSet offering that will allow customers to bundle home and auto insurance policies from different providers.

The latest funding includes contributions from existing backers such as Don Fox, former executive vice president at Intact; Neil Mitchell, former managing director at Marsh; Joe Canavan, principal of Canavan Capital; and Nicolas Bouchard, founder of DuProprio.

The round also attracted new investors, including Jim Texier, former head of big data at AXA; Phil Gibson, former senior VP at Aviva; and Dan Robichaud, a seasoned entrepreneur and investor.

YouSet chief executive Xavier Freeman (pictured left, with co-founder Fellipe Monteiro) stated: “If YouSet’s growth to date has taught us anything, it’s 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.”

Founded in 2017, YouSet aims to save Canadians both time and money in their search for insurance through a platform that compares rates from insurers in under four minutes, resulting in average savings of nearly 30%. With the new bundling feature, over 250,000 YouSet users can combine home and auto insurance from different companies, potentially unlocking an additional 15% in savings.

The company’s newly raised capital will support its expansion plans, including increasing sales through its network of more than 50 distribution partners. These partners, in turn, benefit from offering their clients access to YouSet’s exclusive rates.

Additionally, the funding will allow YouSet to expand its workforce, with the startup actively recruiting to grow its current team of 20 people.

Canavan commented: “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.”

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