Exit announcements, media coverage, team updates, and more
August 9, 2018
Zensurance, an Upside Member leading the technology revolution in the insurance industry, has closed a funding round that has led to a successful liquidity event for The Upside Foundation: Upside’s 4th exit to date. Founded by Danish Yusuf and Sultan Mehrabi, Zensurance provides a concierge service to startups and small businesses to manage all their business insurance needs. The entrepreneurs donated stock options from their company to the Upside Foundation in 2017, with proceeds dedicated to SickKids Foundation through the Tech4SickKidsInitiative.
“Supporting Tech4SickKids is important to us because technology is in our blood – from leveraging innovative UX design practices, to using data analytics, we aim to revolutionize the insurance industry with our software. At the same time, we always want to ensure that we are doing something to support our communities as we build our company. When we heard about Upside Foundation and this opportunity to create that impact just by pledging a small portion of our equity, we knew we had to jump on it immediately. Danish and I can’t wait to see what amazing things are in store for Tech4SickKids, and what they are able to accomplish in the coming years.”
– Sultan Mehrabi, Co-founder of Zensurance
Led by #movethedial CEO and Founder (and Upside Member) Jodi Kovitz and MaRS Venture Services President (and Upside Advisor) Salim Teja, Tech4SickKids is challenging Toronto’s tech and innovation community to raise $25 million for new, state-of-the-art spaces, people, and programs. Colin Hennigar, Vice President, Major Gifts at SickKids Foundation, has been spearheading the Tech4SickKids initiative internally.
“We’ve been amazed to see how quickly and enthusiastically the tech community has rallied around this initiative. We are honoured to have been chosen by Zensurance as their cause to support. This donation will help us to re-build SickKids which will impact hundreds of thousands of children, not only from across Canada, but from around the world as we battle the greatest challenges in child health.”
– Colin Hennigar, Vice President, Major Gifts at SickKids Foundation
The Upside Foundation is specifically designed for the founders of early-stage, high-growth companies to allocate a small portion of equity for charity.
“Our mission is to enable the tech community to make an impact: to make it easy for founders who care about giving back to be able to bake that commitment into their company at an early stage. We are thrilled that Zensurance made this pledge early on and have already experienced such a successful liquidity event.”
– Jen Couldrey, Executive Director, The Upside Foundation of Canada
Congratulations to Danish, Sultan, and the team at Zensurance for this extraordinary accomplishment, accompanied by this altruistic act of generosity.