Cuvva

insurtechon-demand/sharing

FOUNDING YEAR: 2014
LOCATION: United Kingdom
Last Update: 08/09/2020

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About

Cuvva was launched in October as an iOS app that enables the user to sign up, get a quote and buy cover in less than 5 minutes. It is a totally new type of UK car insurance that gets users covered on a car for only as long as they need it—from a single hour to a whole day.

MEDICI Analysis

Cuvva has launched car insurance app that enables the user to sign up, get a quote and buy cover in less than 10 minute. Cuvva offers Pay-as-you-go car insurance model for infrequent drivers in UK. Car owners will pay a flat monthly fee – about £10 to £30 – to cover the basic fire and theft element of the insurance and also pays an extra charge for each hour the car was driven – from £1.20 an hour and up, depending on the risk. The company aims to help the drivers up to 70 percent of the cost of an annual premium often saving drivers between £500 and £1500 a year.

Focus

PRODUCTS & SERVICES

On-demand car insurance platform for drivers in the UK. Mobile App - It allows users to upload required documents and get an insurance cover within minutes.

REVENUE MODEL

License fees for API, Brokerage fees for each insurance provided to customers

MAIN CLIENTS

Car drivers

PRIMARY PROBLEM SOLVED

Eliminates the additional insurance fee by a model where you can insure your car for as long as u need it.

Traction

VALUATION / MARKET CAP:

$12.52 M in 2017

ACTIVE USERS:

100,000

TRACTION COMMENT:

Cuvva has sold over 130,000 hours of car insurance through its Cuvva Sharing product to drivers who want to borrow a car for as little as an hour (2017). Cuvva, the pay as you go car insurer, is to launch a new category of car insurance aimed at car owners who use their cars infrequently. Cuvva is launching a way of buying car insurance that will help the sector and could save drivers up to 70 per cent of the cost of an annual premium often saving drivers between £500 and £1500 a year. Cuvva has now sold over 130,000 hours of car insurance through its Cuvva Sharing product to drivers who want to borrow a car for as little as an hour.

People

FOUNDERS

Freddy Macnamara

James Billingham

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Augmentors Partners

Barclays Accelerator

Breega

Chris Adelsbach

Ian Hogarth

LocalGlobe

Nick Hungerford

RTP Global

Seedcamp

Techstars

Tekton Ventures

KEY EMPLOYEES:

Freddy Macnamara (CEO); James Billingham (CTO); Andy Tomlinson (COO)

Momentum

FUNDED

YES

TOTAL FUNDING

$21.56 M

DATE OF LAST FUNDING

Dec 2019

SEED & PRIOR FUNDING

$2.06 M

SEED CLOSED ON

Jan 2017

SEED PRIOR FUNDING COMMENT

An undisclosed amount raised in Dec 2015.

FUNDING SERIES

SERIES A  · $19.5 M  · Dec 2019

LISTED

NO

Innovation Programs

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Cuvva

About

Cuvva was launched in October as an iOS app that enables the user to sign up, get a quote and buy cover in less than 5 minutes. It is a totally new type of UK car insurance that gets users covered on a car for only as long as they need it—from a single hour to a whole day.

Focus

PRODUCTS & SERVICES

Mobile App that allows people to buy as little as an hour of car insurance.

REVENUE MODEL

License fees for API, Brokerage fees for each insurance provided to customers

TOP PROBLEM SOLVED

Makes insurance quick, flexible and fun.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

KEY DIFFERENTIATORS

app based distribution

PRIMARY CUSTOMER TYPE

Consumer

STRATEGIC CLIENTS AND PARTNERSHIP

Swiss Re : Partnered

Traction

ACTIVE USERS/ACCOUNTS:

100,000 Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Organically

CHANNEL STATUS

MULTIPLE CHANNELS

People

Momentum

FUNDED

YES

LISTED

NO

FUNDING SERIES