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Kelowna  

Kelowna's Summit insurance company raises $3.5 million during seed round

Big raise for local company

A Kelowna commercial insurance brokerage and risk management firm has generated $3.5 million during its seed round of financing.

Summit, which was founded in 2022 by Davis Gilbert and Josh Pillsbury, wants to change the way commercial insurance is distributed. Summit says it is “building the commercial brokerage of the future: driven by human expertise, fuelled by technology.”

New York-based IA Capital Group led the cash infusion during the seed round, with Harvest Ventures also contributing.

“We are thrilled to be partnering with Josh, Davis and the entire Summit team in the next stage of their growth serving the commercial insurance needs of businesses in Canada,” IA Capital vice-president Ravi Shah said in a press release. “We’ve been incredibly impressed by the traction to date in one of Canada’s fastest growing retail brokerages.”

Summit says it is trying to modernize the industry, which it believes is suffering due to entry barriers and consolidation, citing too much paperwork and limited insurance options as the result.



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