Foxquilt, a Toronto-based insurtech, announced it has raised an $8 million financing round led by Luge Capital with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures.

The new capital will be used to support talent acquisition, product development, and to further expand across the U.S. and Canada.

Foxquilt’s focus is to ease the burdens faced by small business owners and create a more transparent and valuable means for securing commercial insurance. As opposed to providing a “one-size-fits-all” approach that is typical of most legacy providers, Foxquilt’s platform is designed to allow businesses to choose only the coverage they need and be underwritten based on their specific business type and requirements.