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 a couple of weeks
Cuvva has bought greater than 13m insurance policies since launching in 2015, and has signed up within the area of 1.4m clients.
The corporate is chaired by the Metropolis grandee Bruce Carnegie-Brown, who not too long ago stepped down as chairman of Lloyd’s of London.
Roughly 7% of complete UK month-to-month motor insurance policies are actually bought by the Cuvva app, in accordance with the corporate.
Based mostly in London, it employs about 100 individuals.
“As such, in the best interests of our business and shareholders, we will be exploring these to see if we can find the right fit for our future ambitions and next stage of growth as Cuvva matures.
“As a high-growth enterprise that continues to expertise large 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 traders together with LocalGlobe, the outstanding backer of early-stage firms.
Final yr, 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Cuvva claims that roughly one in three 21-29 yr outdated drivers in Britain have downloaded its app.
Its potential valuation in a sale was unclear on Friday.
