In the UK, it is really difficult to borrow a car from a friend or family in a short time.
The author: Ding Yi Xuan
According to foreign media reports, the British startup Cuvva recently announced the completion of a 15 million pound A round of financing, led by RTP Global, Breega, Digital Horizon, and past investors LocalGlobe, Techstars Ventures, Both Tekton and Seedcamp have continued to participate in this round of financing.
In addition, some angel investors, including the CEO of Jardine Lloyd Thompson, Dominic Burke and Faisal Galaria, former chief strategy and investment officer of GoCompare, also joined the financing.
Cuvva was born in 2016 and is headquartered in Scotland. Cuvva co-founder and CEO Freddy Macnamara said: “In the UK, it is really difficult to borrow a car from a friend or family member within a short period of time, because the original owner must have a car insurance policy to lend. / p>
Macnamara also said that he couldn’t find flexible insurance that could help him realize car sharing, so he started Cuvva’s business, and became the founder of the out-of-the-box auto insurance business.
For car owners, After registering with Cuvva, you only need to enter the license plate of the car and then tap the payment to purchase insurance. Cuvva’s insurance is mainly for the scenario where the vehicle is leased for a short time, so it is cost-effective for users with shorter mileage.
At the same time, because Cuvva ’s operating model is: no complicated paperwork, no call center, no obscure terminology, and abandoning middlemen and outdated systems to change the traditional insurance industry, Cuvva can provide users with Fast and convenient insurance services.
Unlike traditional insurance companies, Cuvva does not charge any additional fees to users who pay in installments within one year, nor does it hurt loyal customers with double pricing. Cuvva will provide the same discount mechanism for both new and existing customers. At the same time, Cuvva does not charge any management fees.
Cuvva is also planning to expand its travel business to better serve young users. Cuvva also plans to use the financing to launch new insurance products with monthly payments in early 2020, helping car owners reduce their average annual cost of car insurance.
As a startup company, the operating system is not perfect, there will be various problems and operational risks, and there are many challenges and opportunities waiting ahead. Macnamara said that Cuvva has now been launched for four years and has sold 3% of all UK car insurance policies, but there is still a long way to go.