Home insurance start-up Neos closes £5m Series A
Gary Lineker and Richard King-backed company will use funding to fuel growth as it looks to disrupt the estimated £7bn home insurance market
Neos, an insurance technology (insurtech) company, has completed a £5m Series A funding round led by Aviva Ventures.
Existing investors include Gary Lineker, founder of Ingenie Richard King, EOS Ventures, Barry Smith (former CEO of Ageas), and Steve Broughton (former Managing Director of RSA Insurance).
Founded by Matt Poll and Krystian Zajac, Neos uses smart home sensor and HD camera technology to detect and prevent fire, theft and water leaks; giving the user real time updates to their smartphone and access to a 24/7 emergency assistance team.
The company has also announced a strategic partnership with Munich Re, who will now underwrite the company.
Neos will use the funding to accelerate growth as it looks to disrupt the estimated £7bn home insurance market and take advantage of the burgeoning Internet of Things (IoT) sector.
Poll commented: “The investment and strategic partnership from two respected insurance brands, Aviva and Munich Re, cements our belief that what we’re doing is the future of insurance, given their leadership in innovation.
“When you combine this with our distribution partnership with Zoopla (ZPG plc), and underwriting support via Hiscox, we’re excited about the benefits we will be bringing to consumers at full market launch later this year, through positively disrupting the market.”
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Ben Luckett, managing director for Aviva Ventures, added: “Investments are all about talent, future, and disrupting the status quo. Our involvement in Neos reflects all of these three elements, surrounded by great technology delivering a great purpose.
“I am very excited about the opportunities that this investment presents and how we can move focus to making a real impact in people’s lives, from fixing to preventing the bad things happening.”
Insurtech was one of Startups.co.uk’s hot business ideas for 2017.