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Hourly and monthly vehicle insurance startup Cuvva raises £15 million

car insurance

Earlier this week, Cuvva, an hourly insurance company that allows its users to purchase car and travel insurance by the hour, has raised £15 million for further expansion.

The startup since it’s inception in 2014 has sold 40 million hours of insurance to its 300,000 customers, according to its website.

According to Freddy Macnamara, the Founder, and CEO of the insurance startup, the Series A round of funding has attracted a good mix of investors.

RTP global Digital Horizon and Breega are the new investors in the startup. The current investors include LocalGlobe, Tekton, Seedcamp, and Techstars.

According to the company, vehicle owners can save a lot of money by using Cuvva. The company also cuts the use of middlemen such as brokers. Customers can buy hourly and monthly insurance by the click of a button using their application.

According to the company, young drivers between the age of 16 to 30 would more likely use the product.

About the author

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Markham Reid

Markham is a freelance writer and editor he has worked with VICE media, Playboy and Tech Crunch. His articles are also regularly published on The Wall Street Journal. He covers articles related to health, fitness, and startups. He was awarded by Men's Health magazine in 2017 as the best editor in the food and wine industry. He majored in English Literature from Texas University. He is a single parent currently living in New York with his 3 kids. He loves playing video games with his sons during the weekends.

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