Canadian insurtech startup YouSet has secured C$3.5 mn ($2.6 mn) in an oversubscribed seed funding round aimed at improving the insurance shopping experience.
This funding follows YouSet’s C$2.1 mn pre-seed round from 2022 and includes contributions from both returning and new strategic angel investors.
YouSet’s platform enables users to compare rates from major insurers in under four minutes, with a new feature allowing customers to bundle home and auto policies from different providers, unlocking up to 15% in additional savings.
Notable investors include returning backers such as Don Fox (former Executive VP at Intact), Neil Mitchell (former Managing Director at Marsh), Joe Canavan (Principal of Canavan Capital), and Nicolas Bouchard (Founder of DuProprio). New strategic investors include Jim Texier (former Head of Big Data at AXA), Phil Gibson (former Senior VP at Aviva), and Dan Robichaud (serial entrepreneur and investor).
The funding will support YouSet’s expansion strategy, which includes increasing its network of over 50 distribution partners and scaling its team to accommodate its growing user base of over 250,000 Canadians.
YouSet claims its platform saves customers an average of 30% on insurance premiums. The new bundling feature promises up to an additional 15% in savings by combining home and auto policies from different insurers.
Co-founder and CEO Xavier Freeman stated, “Our growth shows that Canadians are eager to find better home and auto insurance at lower costs. We are committed to making that a reality. In today’s environment, people want to reduce costs without sacrificing quality, and we make it easy for them to do that online, within minutes.”
by Peter Sonner
