Cuvva raises £15 million

Pay-as-you-go insurance startup Cuvva has raised £15 million from venture capital firms RTP Global, Breega, and Digital Horizon, as well as existing investors LocalGlobe, Techstars Ventures, Tekton, and Seedcamp.

Founded in 2014, the London-based startup allows drivers to buy temporary coverage by the hour and so far, it had attracted 250,000 customers and sold 40 million hours’ worth of insurance.

With the funding announcement, Cuvva is also introducing a new car insurance product that offers a longer period of coverage. The new coverage – expected to launch early next year – will be on a monthly basis with the ability to cancel anytime. Customers will be able to pause their coverage in a few taps in the app or cancel it altogether, and they will be able to renew it whenever they like.