LocalGlobe leads £1.5m round for Cuvva

Tekton Ventures, Techstars Ventures and Seedcamp also took part in the round, alongside angel investors Nick Hungerford, who founded Nutmeg, and Songkick founder Ian Hogarth.

The fresh capital will fund the launch of the company's product, which is a blend of the monthly subscription and pay-as-you-go models of car insurance, in April 2017. The round brings the total amount raised by the company to £2m.

The deal marks the third investment in the UK insurance technology sector by a venture capital or private equity firm in the space of two weeks. Earlier in January, Inflexion Private Equity acquired MyPolicy in a £40m MBO, and Octopus Ventures led a £7.5m series-A round for Bought By Many.

Company
Founded in 2014, Cuvva provides subscription-based car insurance aimed at customers who use their vehicles infrequently and those who borrow vehicles from friends and family. The company charges a monthly fee of £10-30, with customers using an app to pay a further £1.20 per hour for the period at which they are driving.

People
LocalGlobe – Ophelia Brown (general partner).
Cuvva – Freddy Macnamara (founder, CEO).

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