Cuvva, the London-based neo insurance startup, has raised a £15 million Series A from RTP Global, Breega and Digital Horizon. The insurtech company wants to offer mobile-first insurance solutions that fit modern consumers’ lifestyles and expectations of service providers.
“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?” questioned Freddy Macnamara, founder of Cuvva.
The company began in 2016 as an app offering pay-as-you-drive auto insurance. Macnamara explained, “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 percent 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."
All told, Cuvva has sold more than 40 million hours of insurance to over 250,000 customers, ranking as the UK’s most downloaded insurance app.
Commenting on the investment, Anton Inshutin of RTP Global said: “The insurance industry across Europe is ready for a fresh approach. 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,”
“Cuvva has an exciting vision for what a customer-centric insurer will look like and is unafraid to take on the middlemen in this sector and dismantle a raft of ‘traditional’ fees and penalties. Their fundraising also comes at a time when there is real appetite for innovation in insurance,” said Ben Marrel, partner at Breega.
The Series A will help build the team, bringing on board engineers, developers, marketeers and customer operations staff. Over the next 18 months, the company expects to double in size.