November 29, 2016 08:30 ET | Source: Zensurance

TORONTO, ON--(Marketwired - November 29, 2016) - Zensurance, a Toronto-based startup which offers curated commercial insurance packages for startups and small business, has successfully closed a seed round of $1 million dollars, led by Ferst Capital Partners.

"Most small business owners have to fill out and fax 10-page forms, wait weeks and pay by cheque to get insurance. We are very excited to bring transparency and digitization to such an important industry," said Danish Yusuf, CEO of Zensurance.

The company, which plans to use the funding to hire new talent and build its business, was the recent winner of "The Next Big Idea in FinTech" competition, a program launched in partnership with BMO and the Ryerson DMZ. Zensurance was also named one of the Top 20 Innovative Technology Companies of 2016 by the Canadian Innovation Exchange.

"We are a technology company building helping small business customers get the best insurance coverage, purchased at their convenience, at highly competitive rates," said Sultan Mehrabi, CTO of Zensurance.

"We see an enormous opportunity to re-imagine the way in which insurance is distributed to businesses by leveraging technology. Yet innovation in the commercial insurance industry, until now, has been largely unaddressed in Canada. The founding team at Zensurance has the experience, vision and customer focus to address and take a leading role in this transformation and Ferst Capital Partners is thrilled to be part of their journey," said Dominique Ferst, Managing Partner at Ferst Capital Partners.

About Zensurance Zensurance is Canada's leading online commercial insurance broker. They offer a full range of insurance products to small businesses, with a particular focus on digitizing businesses and technology startups. www.zensurance.ca