Investors Back YouSet’s Vision for Canadian Insurance with $2.1M in Funding
MONTREAL, August 11, 2022 – YouSet, a startup which has optimized the process of buying and comparing home and auto insurance, today announces it has raised an oversubscribed $2.1 million pre-seed round. The company also announces its awaited expansion into the lucrative Ontario market.
YouSet saves Canadians time and money. A first in Canada, the platform saves users nearly 30% on average on their home and auto insurance costs and does so in under 4 minutes. More than 75,000 Canadians have already used the platform to save on their insurance and the number is rising quickly.
The funding comes primarily from angel investors who between them have 270 years of experience in the insurance industry. These executives include Don Fox (former Executive Vice President at Intact), Neil Mitchell (former Managing Director at Marsh Canada) and Mike George (Founder of Trisura). Other investors include tech veterans such as Joe Canavan (Principal of Canavan Capital), Nicolas Bouchard (Founder of DuProprio) and Michel Lozeau (Chairman of Anges Québec).
“It’s a great day for our entire team. We have been working for years towards our vision of making the process of buying insurance more efficient and today’s news is an important milestone on our journey,” said Xavier Freeman, Co-Founder and CEO of YouSet. “We believe that this investment from individuals with such tremendous industry experience is an acknowledgement that our vision is the right one. We are just beginning to scratch the surface of our true potential.”
The funding allows YouSet to launch an aggressive growth strategy designed to multiply sales, both in its home province of Quebec and also across Canada, beginning in Ontario where the company is launching its digital offering today. Part of the investment will also be dedicated to recruiting, as YouSet is currently looking to fill roles in marketing and software engineering to further grow its team of 11 employees.
“YouSet is an exciting young insurtech with great potential. Xavier and his team have a clear vision for enhancing the entire insurance buying experience from end-to-end” added Don Fox, one of the round’s investors. “They make it faster, easier and less expensive to find the right home and auto insurance policy. A stress free process for buying insurance is something Canadians want and have embraced. That creates tremendous growth potential for the business.”
YouSet is an insurtech that makes buying home and auto insurance quick and painless by comparing alternatives for its users. Its technology gets insurance companies competing for each customer, helping them find the best deal and allowing them to buy the policy online, in under 4 minutes. The company has already seen over 75,000 Canadians using its platform, saving each customer on average 29% on their insurance premium and garnering an average 4.9 stars from users’ online reviews. Discover more at youset.ca.
For further information: Xavier Freeman, firstname.lastname@example.org