App-based insurtech company, Cuvva has raised £15m of venture capital to bolster its motor insurance offering.

The Series A funding round included RTP Global, Breega and Digital Horizon as well as chief executive officer of Jardine Lloyd Thompson, Dominic Burke and former chief strategy and investments officer of GoCompare, Faisal Galaria.

The London-based company, which currently offers pay-as-you-drive motor insurance through an app, is set to launch a pay-monthly insurance cover in early 2020.

Chief executive officer and founder of Cuvva, Freddy Macnamara said: “The way insurance is sold hasn’t kept up with the way people live their lives now.

“We buy lots of goods and services via flexible subscriptions to suit our on-demand lifestyles,” he added. “We're now selling 3% of all UK motor insurance policies but we’ve got so much further to go.”

Cuvva appointed the Lloyd’s of London’s Bruce Carnegie-Brown as chairman in October.

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