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Business Wire
7 days ago
- Business
- Business Wire
Quandri Raises US$12M to Scale AI Automation for Insurance Agencies Across North America
VANCOUVER, British Columbia & BOSTON--(BUSINESS WIRE)-- Quandri, the AI platform modernizing servicing work for insurance brokerages and agencies, has raised US$12 million, bringing the total funds raised since the company's inception in 2021 to over US$20 million. The round was led by Framework Venture Partners with investors FUSE and Defined Capital doubling down on their existing investments in Quandri. The funding round also included an investment from Intact Ventures, a pre-eminent insurtech investment group backed by one of the largest providers of property and casualty insurance in North America. Quandri will use these funds to accelerate its go-to-market efforts, increase engineering and AI investments, and expand operations in both Canada and the U.S. 'Our investment in Quandri reflects our belief in its product, team, and the immense opportunity ahead as they build critical infrastructure for the modernization of broker workflows and insurance distribution.' Share '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.' 'We're proud to invest in Jackson, Jamieson and the entire team at Quandri. In the new world of AI and automation, Quandri is supporting brokers in delivering top-tier customer experience, something that aligns with Intact's broader values around being customer-driven,' said Justin Smith-Lorenzetti, Head of Investments at Intact Ventures. 'Our investment in Quandri reflects our belief in its product, team, and the immense opportunity ahead as they build critical infrastructure for the modernization of broker workflows and insurance distribution.' Since its last funding round in 2023, Quandri has increased its revenue by 15X and expanded its customer base to more than 100 agencies and brokerages across Canada and the U.S. The company has also expanded its headcount fivefold to 75 full-time employees. Marquee North American clients include Brokerlink, Western Financial Group, HomeServices Insurance Inc., and BlueRidge Risk Partners. The company has delivered several major product milestones including the launch of Policy Checking, Policy Requoting, and Connect. Brokerages and agencies are now using Quandri to automate policy reviews, surface renewal insights, streamline requoting, and proactively engage clients, leading to stronger retention, increased revenue, and a better client experience. 'Quandri is solving the right problems for our business,' said Chris Rosati, President and CEO at HomeServices Insurance Inc. 'Their AI platform has helped us operate more efficiently, improve how we engage clients, and focus our teams on higher-value work. As we expand our use of the platform, we see Quandri playing an increasingly strategic role in how we deliver service and drive growth.' '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.' For the remainder of 2025, Quandri plans to hire more than 40 people. The company is also expanding its Vancouver HQ with a new 15,000-square-foot office and opening a Boston office to serve a growing U.S. customer base. About Quandri Founded in 2021, Quandri is an AI-enabled servicing platform transforming how North America's insurance brokerages and agencies get work done. Named as one of LinkedIn's 2024 Top Startups, Quandri's Renewal Intelligence Platform enables brokers and agents to streamline tasks, identify actionable policy insights, and provide end clients with an exceptional renewal experience. For additional information, visit
Yahoo
16-06-2025
- Business
- Yahoo
The RealReal Announces Extinguishment of Remaining 3% Convertible Senior Notes Due 2025
SAN FRANCISCO, June 16, 2025 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL)—the world's largest online marketplace for authenticated, resale luxury goods—on June 13, 2025, paid the remaining $26,749,000 in aggregate principal amount of its 3% Convertible Senior Notes due 2025 ('2025 Notes'). The RealReal has reduced indebtedness by a total of $63 million year to date and $81 million over the last 16 months. Ajay Gopal, The RealReal's Chief Financial Officer, stated, 'The paydown of our remaining 2025 Notes represents another milestone on our path to reducing leverage and strengthening our balance sheet. Given the capital-light nature of our business and our favorable working capital dynamics, we are well-positioned to generate cash efficiently as we grow. Deleveraging over time enhances our financial flexibility, enables us to advance our strategic growth initiatives, and reinforces our leading position in the luxury resale market." About The RealReal RealReal is the world's largest online marketplace for authenticated, resale luxury goods, with more than 38 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women's and men's fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We handle all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as shipping and customer service. Investor Relations Contact:Caitlin HoweIR@ Press Contact:Mallory JohnstonPR@ Forward-Looking Statements This press release contains forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'will,' 'should,' 'could,' 'expect,' 'plan,' anticipate,' target,' 'contemplate,' 'project,' 'believe,' 'estimate,' 'predict,' 'intend,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating and financial results, including our strategies, plans, commitments, objectives and goals, in particular in the context of the recent geopolitical events, and uncertainty surrounding macroeconomic trends, financial guidance, anticipated growth in 2025, the anticipated impact of generative AI, and medium-term goals and projections. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, inflation, macroeconomic uncertainty, geopolitical instability, any failure to generate a supply of consigned goods, pricing pressure on the consignment market resulting from discounting in the market for new goods, failure to efficiently and effectively operate our merchandising and fulfillment operations, labor shortages and other reasons. More information about factors that could affect the company's operating results is included under the captions 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at or the SEC's website at Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data