Celo, an app-based insurance provider, has successfully secured its initial £100,000 funding target through its equity crowdfunding campaign on Crowdcube. The company has so far attracted more than 300 investors to the funding portal. As previously reported, insurtech company reported that it is planning to offer insurance cover for motor vehicles, travel, health, and gadgets. The company revealed:
“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.”
While sharing details about the company’s growth and development so far, founders of Celo, Giridharan Rajaram and Aravind Vijayakumar, recently 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.”
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. The funding round is currently set to close at the end of June.
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