Celo, an app-based insurance provider, is now seeking £100,000 through its equity crowdfunding campaign on Crowdcube. The insurtech company reported that it is planning to offer insurance cover for motor vehicles, travel, health, and gadgets. It noted that like how challenger banks Monzo and Starling Bank took on the fintech industry, it is planning to disrupt the insurance industry. While sharing details about the company’s growth and development so far, founders of Celo, Giridharan Rajaram and Aravind Vijayakumar, stated:
“Celo plans to integrate with third-party services like Monzo Bank, Starling Bank etc. and offer their customers insurance without the need for further identification checks or sign up processes. We’ve already started building our backend software architecture and plan to expand our technical and marketing team to take us to beta and subsequently to full launch. We already have over 2000 users on our waiting list gained from a limited advertising campaign run on social media platforms.”
Rajaram and Vijayakumar noted that together they bring an experience of more than 10 years in the insurance industry. They also reported that they believe insurance can be disrupted for the better and, together, they aim to build a modern insurance company that is unlike any other in the market right now and our combined experience gives us a strong foundation upon which they will build a strong team by making key recruitments as we progress with developing Celo.
The founders then added that they are planning to launch Celo’s beta by early 2018, and plan to launch our full-service offering by early 2019. All funds from the Crowdcube round will be used to continue development of Celo’s platform. So far, the campaign has raised more than 30,000 from nearly 50 investors. It is set to close at the beginning of May.
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