Based out of London, Cuvva, an insurance startup, has raised €17.5 million venture capital in a Series A round led by RTP Global, Breega, and Digital Horizon, which have joined seed investors LocalGlobe, Techstars Ventures, Tekton, and Seedcamp.
The company is planning to use the funding to hire more people, including engineers, developers, marketers, and customer operations staff, to its 80-strong team.
Founded by Freddy Macnamara and James Billingham, Cuvva is building a new kind of insurance company that’s flexible, simple, and jargon-free. This idea came about after Freddy Macnamara, couldn’t get hourly short-term insurance.
Cuvva connects customers directly with insurers, providing comprehensive cover within minutes, and 24/7 customer support. Pioneering short-term insurance, Cuvva was the first to offer both hourly motor insurance and insurance via an app in the UK.
This insurance platform has expanded to offer personal cars, learners, van, taxi, and travel insurance. It’s worth mentioning that the company has sold more than 40 million hours of insurance and has over 250,000 customers.
The UK startup is preparing to launch the pay-monthly insurance product in early 2020. Notably, this will be like a subscription service like Netflix or Spotify for insurance. With this, users can buy one month at a time and able to cancel anytime for free. On top of that, users can pause the subscription in a few taps in the app.
Freddy Macnamara, the founder, said:
The way insurance is sold hasn’t kept up with the way people live their lives now. We buy lots of goods and services via flexible subscriptions to suit our on-demand lifestyles. Why shouldn’t you be able to do that for insurance? I started Cuvva when I couldn’t find flexible insurance to help me share my car. Four years on from launch we are still discovering how big the problem we are solving really is. We’re now selling 3% of all UK motor insurance policies, but we’ve got so much further to go. Cuvva is going to be the place where you buy all your insurance, all through our mobile app.
Main image credit: Cuvva
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