Insurtech ‘disruptor’ set to double workforce following £15m Series A funding round
A firm aiming to disrupt the motor insurance industry has raised £15m in a Series A funding round to expand operations.
Insurtech business Cuvva has secured Series A funding in a round led by RTP Global, Breega and Digital Horizon.
Based in London, Cuvva specialises in offering flexible insurance policies - with no admin fees or costs to spreading payments throughout the year - through its self-developed app.
The firm, which plans to launch a pay-monthly insurance product next year, was founded by Freddy Macnamara after he struggled to find flexible insurance for car-sharing.
Freddy explained: “The way insurance is sold hasn’t kept up with the way people live their lives now…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.”
With participation from angel investors including Jardine Lloyd Thompson CEO Dominic Burke, former GoCompare chief strategy and investments officer Faisal Galaria and Lloyd’s of London chairman Bruce Carnegie-Brown, the Series A round follows seed investment from LocalGlobe, Techstars Ventures, Tekton and Seedcamp.
Cuvva plans to use the new funds raised to double its workforce over the next 18 months, adding engineers, developers, marketeers and customer operations staff to its 80-strong team.
Anton Inshutin, managing partner at RTP Global, commented: “The UK has a long history of initiating change in the way that insurance is sold and Cuvva has devised a product that has incredible appeal for a new generation of car owners and borrowers.
“We are thrilled to be able to begin this journey to build a whole new way of buying insurance with Freddy and the team.”
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