Halifax-based fintech company QuickFacts, which helps insurance brokers compare quotes from insurers, has closed a $1.13 million funding round as it starts to expand in Western Canada.

The company has been on a roll in the past few months as it won the $25,000 Gerry Pond Award from Propel for success in sales, and graduated from the Creative Destruction Lab Atlantic stream. And in May, the company launched its product in Alberta with plans to expand its geographic footprint in the near future.

Co-founded by CEO Christy Silvestri and Chief Revenue Officer Jeff Barsalou, QuickFacts offers a platform that lets brokers view insurance packages from competing companies side by side for easy comparison. The company says it can reduce the time brokers spend searching for information by 10 to 20 times. It also says the platform offers brokers more depth of information than competitors.

"We are thrilled to have secured our funding, which will play a crucial role in fueling our expansion plans across Canada and launching workflows," said Silvestri in a statement. "This investment signifies our investors' confidence and support in QuickFacts' mission to empower brokers with instant, reliable information."

The statement said the company had originally hoped to close a round of about $500,000 but more than doubled the target. The investors included: the female-focused investment group Sandpiper Ventures; St. John’s-based Killick Capital, a private investment firm headed by Mark Dobbin; Paul Hill, ex-Carta Worldwide CEO and Verafin chairman; Neil Mitchell, former managing director at Marsh Canada; and members of the Women's Equity Lab in both Toronto and Vancouver.

Having launched last September, QuickFacts is now used by more than 30 brokerages and 800 active brokers.

"As a broker for 17 years, I spent so much time answering underwriting questions for my team that I couldn't perform my management tasks," said Silvestri. "So we went and built the software I wanted as a broker and manager. We're drastically improving the morale of brokers by empowering them with the quick answers they need."

The investment has given QuickFacts the capacity to grow its team from 10 to 16 employees since February, adding what the company calls significant development, insurance, and marketing talent.

Having previously secured clients in Ontario and Atlantic Canada, QuickFacts launched its product in Alberta at the Insurance Brokers Association Alberta Convention in May. The company said it is making connections in the U.S. and U.K. markets in anticipation of its growth plans for 2024. It will also soon launch workflow software focused explicitly on insurance brokerage operations.

"We are extremely proud of launching in Alberta, our first Western Canada province, at the prestigious IBAA Convention," said Barsalou. "The event allowed us to connect with brokerage owners, carrier decision-makers, insurtech companies, and associations for potential partnerships."