Canadian insurtech startup Equisoft secured $125M in fresh equity funding.
quisoft intends to use the proceeds to expedite global expansion, strengthen the balance sheet, fund strategic acquisitions, and accelerate product development.
- Investissement Quebec and the government of Quebec invested $36M and $34M into the funding round, respectively.
- The remaining $55M in funding came from Export Development Canada (EDC) and Fondaction.
- Equisoft was bootstrapped from its founding in 1994 until 2018 when it raised its first $17M in funding from investors to accelerate growth by investing in core SaaS products.
- The company reported a 45% YoY growth in annual recurring revenue (ARR) in 2022.
- Equisoft has made eight acquisitions to date, with British fintech platform Altus and life insurance analysis platform CompuOffice being its two most recent purchases.
- Funding for insurtech startups fell 57% QoQ, from $2.35B in Q3 to $1.01B in the following quarter, per Gallagher Re.
