Canadian insurtech Quandri secures US$12 million in funding

Quandri, a Canadian artificial intelligence platform focused on automating servicing work for insurance brokerages and agencies, has raised US$12 million in new funding.  

The latest round brings the company’s total capital raised to more than US$20 million since its founding in 2021. 

Framework Venture Partners led the round, with continued support from existing investors FUSE and Defined Capital. Intact Ventures, the strategic investment arm of property and casualty insurer Intact Financial Corporation, also joined as a new investor. 

The Vancouver-based company said the funds will be used to expand operations in Canada and the United States, grow its engineering and AI teams, and accelerate go-to-market initiatives. 

Quandri develops automation tools designed to streamline administrative processes for insurance brokers, including policy checking, requoting, and client communications.  

The platform is currently used by more than 100 agencies and brokerages across North America. Its customer base includes firms such as BrokerLink, Western Financial Group, HomeServices Insurance Inc., and BlueRidge Risk Partners. 

“Quandri is solving a massive pain point in a legacy industry,” said Ajay Gopal, Partner at Framework Venture Partners. “The company’s plans to scale across North America will ensure their platform is available to thousands more brokerages and agencies serving the personal lines insurance market.” 

Since its last raise in 2023, Quandri has grown revenue by 15 times and increased its workforce fivefold to 75 employees. The company said it has delivered several new product features aimed at helping brokerages automate policy servicing and improve client engagement. 

To support its growth plans, Quandri expects to hire more than 40 employees by the end of 2025. The company is also opening a 15,000-square-foot headquarters in Vancouver and establishing a Boston office to serve its expanding US client base. 

Intact Ventures Head of Investments Justin Smith-Lorenzetti said the firm’s backing reflects its confidence in Quandri’s role in supporting broker operations in an evolving digital landscape. 

“As we expand our use of the platform, we see Quandri playing an increasingly strategic role in how we deliver service and drive growth,” said Chris Rosati, President and CEO of HomeServices Insurance Inc.