UK Insurtech Cuvva to Acquire Capital via Crowdfunding Campaign to Accelerate Growth of Car Sharing

Millions of Brits hold a driving license but don’t have “access to a car,” according to an update shared with CI.

The “rigid” nature and upfront cost of annual car insurance combined with continuously rising costs of running a car “prompted” car insurance provider, Cuvva to “break down major car sharing barriers.”

It has already “enabled nearly five million shared drives across Britain and is raising £2 million through its first-ever crowdfund campaign to help give more people affordable access to cars through its community of car owners and car sharers.”

With the cost of living at an all-time high, families are “desperately looking for ways to reduce household expenses and car sharing is becoming an increasingly attractive option to get around, especially if you drive infrequently.”

The mobility app believes that by making car insurance infinitely more flexible it’s “making it easier for families, friends and neighbors to share cars.”

It’s proving to be a gamechanger for those wanting to beat the cost of living crisis “by reducing expenses associated with owning a car, while still having access to cars to get around.”

In less than a week the Cuvva crowdfunding campaign has “fetched over £28 million in initial interest and has had the highest number of pre-registrations at Seedrs in the last four years.”

Capital raised will be used “to fuel Cuvva’s growth activities across engineering, product and marketing as it takes car sharing to the next level.”

According to Seedrs, Cuvva is “gearing up to be the largest insurtech crowdfund ever in Europe.”

Freddy Macnamara, CEO at Cuvva says:

“We’re overturning the outdated insurance industry, which makes it near impossible to get insured on someone else’s car easily. The way we drive and want to use cars is changing. It requires a new approach to car insurance. Cars should be multiplayer and we’re using insurance to make it a reality. For the first time, we’re giving our biggest fans the chance to buy a piece of Cuvva. It’s really important to give our long-standing community an opportunity to be part of our growth and journey.”

The Cuvva app makes it just “as easy to get insured on someone else’s car as it is your own with policies starting from one hour to commitment-free, monthly subscription cover for car owners.”

Anyone can now “share cars through Cuvva. Over 650,000 lenders and borrowers have already used the app in Britain.”

Cuvva is taking “a slightly different approach to help drivers access cars more affordably.”

Using car insurance as the conduit, the mobility app “is building a community of car owners and car sharers that can drive other cars effortlessly.”

Macnamara says:

“With car insurance being a legal requirement in the UK, The Cuvva community is creating a new way of movement better suited to a modern generation. Flexible cover enables car sharing. While everything is going up in price, we’re bringing down the cost for drivers through car sharing, and it’s kinder on our planet too. This is just the starting point. We’re so excited about all the stuff we can build on-top of this state-of-the-art insurance platform to make cars multiplayer.”

Cuvva has surpassed over £100 million “in gross written premiums, and one in five 21-year-old drivers in Great Britain have downloaded the app.”

Taking on the UK’s £16 billion motor insurance market, Cuvva has “attracted the attention of world-leading investors, including LocalGlobe, RTP Global and Breega.”

Cuvva originally pioneered car insurance through an app in the UK in 2016 and “was the first to offer flexible cover from an hour through an app.”

At the backend of 2019, Cuvva “raised £15 million in its Series A fundraise and this time around opted for crowdfunding, seeking £2 million from its community as it scales and heads towards profitability.”


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