Menu visibility control

Video

Events

Startup Surgery

Most Recent

Need to Know

Here’s what Google, Apple and Microsoft are up to in healthcare

Investments

Freelance management app Lystable closes £8m Series A led by Valar Ventures

News

At least 26 London-based tech entrepreneurs ‘have lost out on funding’ since Brexit

Press Releases

Starling Bank unveils beta as it begins roll out to first customers
VentureFounders surpasses £40m funding mark in 2 years of operation
Software testing leader TestPlant appoints Dr. John Bates as CEO

Pay-as-you-drive InsurTech startup Cuvva gets £1.5m in round led by LocalGlobe

Driving
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Cuvva, a pay-as-you-drive InsurTech company, has closed a £1.5m Seed round led by LocalGlobe.

The round, which brings the firm’s total amount raised to £2m, also drew support from Tekton Ventures, Techstars Ventures and Seedcamp.

Additionally, Nick Hungerford, the founder of online wealth manager Nutmeg, and Ian Hogarth, founder of SongKick, are among the startup’s backers.

5 UK tech firms disrupting the insurance sector

Freddy Macnamara, co-founder of Cuvva, founded in 2014, explained his inspiration for the business: “It was ridiculous that I couldn’t borrow a car for an hour, because of the difficulty of getting short-term cover. I could order an Uber or a Deliveroo to my house, but I couldn’t buy insurance for a short period quickly. We realised that we could use the same mechanism to save infrequent drivers a huge amount of money.

“Technology has changed so many industries and given consumers cheaper, more convenient alternatives. Yet car insurance continues to be opaque and inflexible, costing some people a lot more than it should,” he added.

Expansion

Launching today, Cuvva’s monthly subscription of £10 to £30 will enable car owners to pay for their car insurance via a top-up premium, priced from £1.20 per hour, through an app when they wish to drive the car.

Cuvva says it will use the new funding to expand its team and market this new category of UK car insurance.

“This raise is going to put fuel in the tank to take us to the next level and we are really excited to be backed by some of the top Seed investors in London to do it,” Macnamara concluded.

Ophelia Brown, general partner at LocalGlobe, commented: “I would say that Cuvva sits squarely in our investment thesis that the most disruptive InsurTech startups are those that are fundamentally solving a technology problem. The thing that excites us about Cuvva is that they’re using technology to bring new insurance products to market. We’re very excited to see them launch today.”

Enter your e-mail address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

healthtech hospital nurses doctors

Here’s what Google, Apple and Microsoft are up to in healthcare
posted 3 hours ago

Lystable

Freelance management app Lystable closes £8m Series A led by Valar Ventures
posted 5 hours ago

men

At least 26 London-based tech entrepreneurs ‘have lost out on funding’ since Brexit
posted 16 hours ago

Deloitte

Deloitte: Blockchain can transform emerging ‘trust economy’
posted on March 22, 2017

Alex Macpherson, Octopus Ventures

Octopus Ventures raises £120m to invest in UK AI startups
posted on March 22, 2017

Tania Boler, Elvie

FemTech startup Elvie gets $6m in round led by Octopus Ventures
posted on March 22, 2017