Cuvva is an app based insurance provider which started its life through offering the pay as you go driving cover, and from that time it has also expanded to sell the travel insurance too. Cuvva has now raised £15 million in its Series A funding. The backing has appeared from Breega, RTP Global as well as the Digital Horizon and they joined their existing investors named LocalGlobe, Tekton, Seedcamp and Techstars Ventures. The chief executing officer of the Jardine Lloyd Thompson named Dominic Burke as well as the former chief strategy and investment officer of the GoCompare named Faisal Galaria also joined the Cuvva.
Cuvva was first launched in 2016 when the founder named Freddy Macnamara had become very frustrated and he didn’t let others to drive his car due to the lack of the insurance cover. This was the starting pioneer of pay as you go car insurance. The explanation of the idea was quite easy, and the explanation was to make it feasible to insurance a car during drive. The insurtech is still offering the car insurance on an hourly contract. But, the product line has been extended to daily covery. In addition to this, Cuvva has also entered to the travel insurance space with no doubt of being spotted with the younger and millennial demographic.
To the end, Cuvva has said that they would utilize the newer capital to start a newer pay monthly motor product in the beginning of 2020, and they would also do that through cutting the annual car owners significantly.