Driverly Insurance announces ‘unexpected overfunding’ in pre-seed investment round worth more than half a million pounds.
24 November 2022
Latest round of investment sees Driverly secure its first institutional investor as well as some of the insurance industry’s most renowned investors.
Cardiff-based Driverly Insurance, provider of a unique, flexible, app-based car insurance service, is delighted to announce it has secured £525,000 in a pre-seed investment round, overfunding its original target due to unprecedented investor interest.
Alongside an agreement on £250,000 in equity investment by the Development Bank of Wales (the first institutional investment in the business), Driverly can confirm additional commitments by serial entrepreneur Manuel Santiago and Duncan Russell, former CFO at Admiral Financial Services.
Driverly’s unique app provides dynamic pricing to customers based on their driving habits, enabling users to earn rewards that can be redeemed as vouchers and discounts. Its proprietary technology is at the forefront of dynamic pricing and monthly subscription insurance, which is set to revolutionise the market.
The service targets safe drivers, many of whom face high insurance premiums and earn no rewards for their safe driving. Also, Driverly is introducing a no-fee insurance proposition, including no cancellation fees.
Armin Kia, co-founder and CEO of Driverly and former Head of Business Planning and Development at Admiral Financial Services, Admiral Group, said: “We are so pleased that investors have recognised the power of this innovative technology and the opportunities it offers, and we are delighted to not only welcome the Development Bank of Wales on board, but also Manuel and Duncan who are well recognised as experts in investing in the insurance field. Their commitment and enthusiasm to share our journey made the decision to overfund a remarkably simple one in the end.
“Car insurance is a cost which all drivers have to face, but our approach to insurance gives safe drivers the flexibility they need as their living costs have increased everywhere else. Our monthly policy affords these customers flexibility, with the guarantee of zero fees.”
Jack Christopher, Assistant Investment Executive at the Development Bank, said: “We are impressed with Driverly’s disruptive approach to car insurance. Their behaviour and performance-centric approach is disrupting the normal top-down method, which dictates how much drivers should pay based on factors like demographics or location.”
The Driverly Insurance app is free to download and trial for users interested in understanding how improved driving behaviour can reduce premiums and secure additional rewards.
For more information contact email@example.com.
Driverly Insurance is a UK based insurtech business, set up in 2021 to specialise in providing car insurance for safe drivers. The Driverly app and business model offers the UK's first genuine, dynamically priced driving insurance solution. This flexible policy employs the very latest proprietary technologies to deliver insurance the way it should be: personalised to the users' driving habits and dynamically priced on a monthly basis to reflect driving behaviours. The Driverly app, which is free to download and trial, is at the forefront of a new age of dynamic usage-based insurance (UBI) products and gathers data to monitor and reward good driving behaviour. Customers can receive digital "acorns" as part of a rewards programme, which can then be converted into vouchers or discounts. This monthly subscription policy also enables customers to cancel at any point without paying a cancellation fee.