Insurance sector startup Cuvva raises £15m in funding
Cuvva, the insurance disruptor, that began as an app offering pay-as-you-drive motor insurance, has raised £15 million of venture capital backing to target the long-term motor insurance business.
RTP Global, Breega and Digital Horizon have joined seed investors LocalGlobe, Techstars Ventures, Tekton and Seedcamp to invest in the app-based insurance platform, which recently announced the appointment of the Lloyd’s of London chairman as its chair.
Angel investors from the insurance sector, including Dominic Burke, the CEO of Jardine Lloyd Thompson and Faisal Galaria, the former chief strategy and investments officer of GoCompare, have also put in capital.
Cuvva’s Series A funding comes as the company prepares to launch a pay-monthly insurance product for the first time, a key step in its ambition to provide one gateway app to serve all consumer insurance needs.
Freddy Macnamara, 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?