CPE News (6.9.2023) – QuickFacts has announced the closing of a $1.13 million funding round led by Sandpiper Ventures with participation of Killick Capital and private investors including Paul Hill, ex-Carta Worldwide CEO and Verafin chairman; Neil Mitchell, former managing director at Marsh Canada; both Women’s Equity Lab Toronto and Vancouver including their members Julie McGill, Lori Oliver, and Miriam Mowat.
Founded by Christy Silvestri (President & CEO) and Jeff Barsalou (CRO), QuickFacts aggregates insurance carrier underwriting information for brokerages into a single searchable database that compares carrier information.
The financing closed in February and was previously reported by Sandpiper Ventures.
photo credit: QuickFacts
News Release
QuickFacts Insurtech Software Raises $1.13M to Bolster Software Offering and Accelerate Expansion Across Canada
HALIFAX, NS /Private Capital Newswire (pcNewswire)/ – June 9, 2023 – QuickFacts, a fast-growing Atlantic insurtech startup, is pleased to announce the successful close of a $1.13 million funding round. This financing is significantly more than the $500k goal, positioning the company for rapid growth and expansion across Canada.
The financing round was led by Sandpiper Ventures, a fund focused on women-led ground-breaking technology companies. The investor group also includes Killick Capital, a private investment firm based in St. John’s and headed by Mark Dobbin; Paul Hill, ex-Carta Worldwide CEO and Verafin chairman; Neil Mitchell, former managing director at Marsh Canada; both Women’s Equity Lab Toronto and Vancouver including their members Julie McGill, Lori Oliver, and Miriam Mowat. This combination of Venture Capital and Angel investors provides excellent support across all business operations to help the company track to key milestones.
Founded by Christy Silvestri (President & CEO) and Jeff Barsalou (CRO), QuickFacts aggregates insurance carrier underwriting information for brokerages into a single searchable database that compares carrier information.
A standard brokerage of 25 users saves an average of $140,000 a year in wasted productivity, or the equivalent of two full-time brokers, using QuickFacts. The company has over 30 brokerages and 800 active brokers using the software, with significant growth since its September 2022 launch.
“As a broker for 17 years, I spent so much time answering underwriting questions for my team that I couldn’t perform my management tasks,” comments Christy Silvestri, President & CEO. “So we went and built the software I wanted as a broker and manager. We’re drastically improving the morale of brokers by empowering them with the quick answers they need. The industry is seeing a shortage of experienced brokers and a shift to remote work, so QuickFacts is making it much easier for brokers to access underwriting knowledge.”
Since February, this recent investment has given QuickFacts the capacity to grow its team from 10 employees to 16, adding significant development, insurance, and marketing power. The new hires have enabled QuickFacts to broaden its market reach into Western Canada and will soon launch its highly anticipated workflow software focused explicitly on insurance brokerage operations.
“We are thrilled to have secured our funding, which will play a crucial role in fueling our expansion plans across Canada and launching workflows,” adds Silvestri. “This investment signifies our investors’ confidence and support in QuickFacts’ mission to empower brokers with instant, reliable information.”
The funding round close comes on the heels of QuickFacts’ recent launch in Alberta, which took place May 9th at the Insurance Brokers Association Alberta (IBAA) Convention 2023. The convention provided an ideal platform for QuickFacts to introduce its advanced data aggregation capabilities to key brokerage decision-makers and insurance industry leaders from across the region. QuickFacts had previously been available across Ontario and Atlantic Canada.
“We are extremely proud of launching in Alberta, our first Western Canada province, at the prestigious IBAA Convention,” states Jeff Barsalou, CRO. “The event allowed us to connect with brokerage owners, carrier decision-makers, insurtech companies, and associations for potential partnerships. There was overwhelming enthusiasm and positive reception for the software, and we’ve already begun activating in Western brokerages.”
The recently secured funding positions QuickFacts to expand its customer base to the remaining provinces, offer its insurance-specific workflows this Summer, compile its user data into meaningful insights and reports, and start tackling the commercial market in the Fall. The company is making connections in the US and UK markets in anticipation of its growth plans for 2024.
To learn more about QuickFacts, please visit www.quickfactsinc.com.
About QuickFacts
QuickFacts is a Halifax-based startup dedicated to improving the insurance industry through technological disruption. Their software as a service (SaaS) platform organizes insurance carrier and brokerage information into a searchable database of simplistic comparison charts, detailed workflows, helpful resources, and more. Implementing their software is proven to drastically improve the operational efficiency of insurance brokerages.
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For media inquiries, please contact:
Jeff Barsalou
Chief Revenue Officer
jeff@quickfactsinc.com
902-225-9292