Quandri raises $12 million in Framework Ventures-led round

By Isha Marathe

July 16 - (The Insurer) - Vancouver-based insurtech Quandri has raised $12 million in a funding round led by Framework Venture Partners, with participation from Fuse, Defined Capital and Intact Ventures.

The new round brings Quandri's total funds raised to date to around $22 million.

Quandri said it will use the funds to accelerate its go-to-market efforts, increase engineering and artificial intelligence investments and expand operations in Canada and the U.S.

"Quandri is solving a massive pain point in a legacy industry, and they're doing it with a deep product focus and clear ROI," said Ajay Gopal, partner at Framework Venture Partners.

"The company's plans to scale across North America will ensure their groundbreaking platform is available to thousands more brokerages and agencies serving the personal lines insurance market."

In 2025, Quandri plans to hire more than 40 people. The company is also expanding its Vancouver headquarters with a new 15,000-square-foot office and opening a Boston office to serve its growing U.S. customer base.

Quandri in May hired Patrick Mulroy, former vice president of sales at Briza, as its head of strategy and partnerships.

Since its $8.5 million Series A round in 2023, Quandri has increased its revenue by six times, doubled its client base of brokerages and agencies across Canada and the U.S. and expanded its headcount to 75 full-time employees, the company said.

Its marquee North American clients include Brokerlink, Western Financial Group, HomeServices Insurance Inc and BlueRidge Risk Partners.

"We've had strong conviction in our vision from day one, but having new investors like Framework and Intact supporting our journey adds real momentum," said Jackson Fregeau, CEO and co-founder of Quandri.

"Their support affirms the value we're delivering to brokerages and agencies, and gives us the insight and fuel we need to keep pushing the industry forward."