Cuvva, a fast-growing supplier of short-term motor insurance coverage, has drafted in advisers to discover a sale a decade after it was based.
Sources mentioned a sale course of was anticipated to kick off within the coming months.
Cash newest: Why your web will probably be slower for just a few weeks
Cuvva has offered greater than 13m insurance policies since launching in 2015, and has signed up within the area of 1.4m prospects.
The corporate is chaired by the Metropolis grandee Bruce Carnegie-Brown, who lately stepped down as chairman of Lloyd’s of London.
Roughly 7% of complete UK month-to-month motor insurance policies are actually offered via the Cuvva app, in response to the corporate.
Primarily based in London, it employs about 100 individuals.
“As such, in the very best pursuits of our enterprise and shareholders, we will probably be exploring these to see if we are able to discover the appropriate match for our future ambitions and subsequent stage of development as Cuvva matures.
“As a high-growth enterprise that continues to expertise great success and profitability.
“We will always consider all our options from interested parties – the priority is to ensure we deliver the best value for our shareholders and Cuvva.”
The corporate has raised greater than £20m from buyers together with LocalGlobe, the outstanding backer of early-stage corporations.
Final 12 months, it tripled adjusted revenue to £12.8m on turnover of £27.4m, pushed by buyer retention and excessive demand for short-term automotive insurance coverage.
Cuvva claims that roughly one in three 21-29 12 months previous drivers in Britain have downloaded its app.
Its potential valuation in a sale was unclear on Friday.
Supply hyperlink
