The company, which allows users to compare rates from major insurers in under four minutes, is also launching a groundbreaking feature that lets customers bundle home and auto policies from different providers, unlocking up to an additional 15% in savings.
This latest round of funding follows YouSet’s successful $2.1 million pre-seed round in 2022. The investment comes from a mix of returning investors, including 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), as well as new strategic angel investors like Jim Texier (former Head of Big Data at AXA), Phil Gibson (former Senior VP at Aviva), and Dan Robichaud (serial entrepreneur and investor).
Founded with the goal of saving Canadians time and money, YouSet’s platform offers a seamless user experience that has already attracted over 250,000 users. On average, users save nearly 30% on their insurance premiums by comparing rates through YouSet. The newly introduced bundling feature takes these savings even further, allowing users to mix and match home and auto insurance from different insurers for the first time, with the potential to unlock up to 15% more in discounts.
The fresh capital will enable YouSet to accelerate its aggressive growth strategy, which includes expanding its network of over 50 distribution partners. These partners offer their clients exclusive access to YouSet’s low rates, boosting their own revenues while helping more Canadians save on insurance. The company also plans to use part of the investment to expand its team, with multiple roles currently open to support its growing workforce of 20 employees.
With this latest funding, YouSet is well-positioned to continue its rapid expansion and further its mission to make insurance shopping more efficient, user-friendly, and cost-effective for Canadians.
Xavier Freeman, Co-Founder and CEO of YouSet, marked the 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.”
“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.
He added: “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.”
Source: YouSet
