A British insurance coverage firm which covers contractors once they undertake work in a number of international locations has raised greater than £3.5m in funding to assist speed up its enlargement.
Buyers together with Love Ventures, Portfolio Ventures, Begin Ventures, Seed X and New Alpha Asset Administration additionally participated within the fundraising, whereas angel buyers together with the previous Google government Dan Cobley are additionally amongst Jove’s backers.
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Jove claims to be the primary Insurtech to supply borderless enterprise legal responsibility insurance coverage to SMEs and contractors working in a whole bunch of occupations within the UK, Europe and the US.
It gives a month-to-month subscription which may be paused when contractors will not be working in roles which require insurance coverage cowl.
The corporate says its product is backed by blue-chip insurers similar to Hiscox and Nice American Insurance coverage Group.
It’s amongst an rising wave of insurance coverage tech firms that are tapping into demand for shifting employment patterns amongst giant components of the worldwide workforce.
Lizhen Cai, the corporate’s founder and chief government, stated: “This investment will enable us to further develop our AI-powered insurance validation platform and empower contractors and recruitment companies to achieve seamless insurance compliance, [enabling them to get their] global suppliers and contractors covered instantly.
“Jove is on the forefront of adjusting the panorama of how insurance coverage is being quoted and bought globally.”
The valuation at which the seed funding was raised was not disclosed.
