MONTREAL, August 20, 2024 – YouSet, a Canadian startup taking the pain out of shopping for insurance, today announces it has raised an oversubscribed seed-stage investment round of $3.5 million. The company is also announcing the release of its highly anticipated new product, a feature that allows users to bundle home and auto policies from different insurers, now making it possible to unlock even lower prices.
The funding comes from investors who had participated in YouSet’s $2.1M pre-seed round announced in 2022, and new strategic angel investors. Investors doubling down on YouSet include 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 investors include Jim Texier (former Head of Big Data at AXA), Phil Gibson (former Senior VP at Aviva), and Dan Robichaud (serial entrepreneur & investor).
Xavier Freeman, Co-Founder and CEO of YouSet, marked this milestone, saying, “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.”
YouSet was founded to save Canadians time and money when shopping for insurance. In 4 minutes or less, users can seamlessly compare rates from major insurers, saving them nearly 30% on average. Now, the company is also introducing its latest innovation, offering bundled insurance policies from multiple insurers. For the first time, users can bundle home and auto insurance from different providers, and unlock up to an additional 15% in savings when purchasing the bundle.
With over 250,000 users and counting, more and more Canadians are turning to YouSet for its efficiency, user experience, and cost savings. The funding announced today allows YouSet to accelerate its aggressive growth strategy, designed to further increase sales through the company’s growing network of more than 50 distribution partners. Those partners provide their clients with privileged access to YouSet’s exclusive low rates for home and auto insurance, boosting their own revenues in the process.
Part of the investment will be used to expand the company’s team, as YouSet is currently looking to fill multiple roles, to further grow its team of 20 employees.
“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,” said Joe Canavan, an early investor in YouSet. “The company’s growth has been impressive and we believe that the value it delivers for Canadians will only increase. There is a large appetite for this all across Canada.”
About YouSet
Founded in 2017, YouSet is an insurtech company dedicated to simplifying the process of buying and renewing home and auto insurance online, and at a lower cost. With over 250,000 users and an average user review rating of 4.9 stars, YouSet allows Canadians to find home, condo, tenant, and auto insurance policies for 29% less on average. Through its proprietary technology, YouSet gets Canada’s top insurance providers to compete for every user’s business, which means users get the lowest-priced offers on their insurance policies in 4 minutes or less. Learn more at youset.ca.
For further information
Xavier Freeman
Co-Founder & CEO, YouSet