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Canadian insurtech Boxx expands to Singapore; seeks funding

Source: BOXX Insurance

BOXX Insurance Inc., a Toronto-based Insurtech is furthering its global reach in Summer 2019 with the launch of BOXX Asia in Singapore and continued expansion into Latin America with offices in Santiago, Miami, and Mexico City.

The company is also in discussions to deliver the Cyberboxx™ solution to businesses in the United Kingdom. BOXX’s headquarters will remain in Toronto, Canada.

“The decision to expand and open offices in Asia and Latin America was a logical step in our business growth strategy. We may be the new kid on the block, but we’re extremely proud of what we’ve achieved thus far," says Co-Founder and CEO, Vishal Kundi, "In a relatively short timeframe, we’ve formed partnerships with global insurance companies, such as AXA, Munich Re, and Hiscox, gained our Lloyd’s of London authorization, launched our first line of products and the BOXX mobile app, and received vital customer feedback."

BOXX was the sole Canadian finalist chosen to participate in the 2018 Singapore Fintech Festival’s Global Hackcelerator Program in November 2018. The organization’s success at the Festival led to a local partnership with AXA Insurance and sponsorship from the Monetary Authority of Singapore (MAS), making Singapore the location of choice for BOXX’s expansion into Asia.

“What makes BOXX stand out from other insurance companies in Singapore, and across the globe, is that our solutions cover the entire cyber security lifecycle. From start-ups and small-to-midsized businesses to individuals and families, BOXX’s mission is to shift the 300-year-old insurance model from one that waits to respond to critical incidents to one that helps clients predict and prevent them from happening in the first place,” added Kundi

To support its global growth trajectory, BOXX is currently seeking seed funding.

In 2018, BOXX raised $1 million from private equity partners to further its vision, and a talented team of insurance experts, data scientists and technology entrepreneurs have been assembled to support growth. BOXX’s Chief Operating Officer, Mike Senechal, brings founder experience to the team as co-founder of San Francisco-based start-up Zenbanx, which was acquired for $100 million by SoFi Inc. in 2017.  

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