Cuvva Secures £15 Million to Expand Insurance Services
Cuvva, a dynamic insurance company located in London, UK, has made significant strides in the industry since its inception. Originally starting as an innovative app that provided pay-as-you-drive motor insurance, the company has successfully raised £15 million ($19 million) in venture capital funding. This impressive financial backing was secured from a range of investors, including well-known names such as RTP Global, Breega, and Digital Horizon, who have joined the ranks of earlier seed investors like LocalGlobe, Techstars Ventures, Tekton, and Seedcamp. With these funds in place, Cuvva is poised to further enhance its operations and service offerings.
The new funding will primarily be utilized to expand Cuvva’s talented team, which currently consists of 80 members.
The company plans to recruit additional engineers, developers, marketers, and customer operations personnel to strengthen its workforce. Noteworthy angel investors backing this venture include Dominic Burke, the CEO of Jardine Lloyd Thompson, and Faisal Galaria, who previously held the position of chief strategy and investments officer at GoCompare. Under the leadership of Freddy Macnamara, Cuvva has established itself as a key player in providing an app-based motor insurance platform that connects customers with insurers swiftly and efficiently.
Since its launch in 2016, Cuvva has sold over 40 million hours of insurance and accrued a robust customer base of more than 250,000 users. In addition to offering comprehensive coverage within minutes, the Cuvva app also incorporates useful features such as reminders for MOT and tax, along with information on where to find the cheapest petrol in the area. As the company gears up to introduce a pay-monthly insurance product in early 2020, this Series A funding marks a crucial milestone in Cuvva’s growth trajectory, positioning it for even greater success in the future.
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