The Development Bank of Wales led a pre-seed equity investment into a Welsh car insurance firm during a recently closed funding round. Cardiff-based Driverly provides a unique, flexible, subscription-based car insurance service, using proprietary technology to offer flexible pricing to its customers. The UK insurance market already has plenty of established players using apps and driver scores to set real-time pricing, so it will be interesting to see if this start-up can carve its own niche in a recession.
The Development Bank recently invested £250,000 in equity investment in the company during a £525,000 pre-seed investment round, joined by serial entrepreneur Manuel Santiago as an Angel investor, and Duncan Russell, former CFO at Admiral Financial Services. Driverly’s service tracks users’ driving, with new subscribers downloading the Driverly app and taking an initial test drive to provide data on their driving habits.
Jack Christopher, Assistant Investment Executive at the Development Bank, said: “We’re 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.
“Driverly is among a number of thriving Welsh FinTech companies we have been pleased to support with pre-seed investment, and we look forward to being a part of their journey.”