Home insurtech startup gets £2.4m of funding

Insurtech startup Homelyfe has raised £2.4m of funding, led by private equity firms Talis Capital and Peterson Ventures.

The home insurance startup, which launched its first product on 9 October, says it plans to use the money for further technical development and on building its team of people.

Homelyfe is the latest in a line of insurtech firms to announce fresh funding recently. Insurdata revealed yesterday that it had received $1m (£760,000) from Uber investor Menlo Ventures and others.

Homelyfe’s first product protects home buyers against gazumping. The policy is underwritten by specialist personal lines underwriting agency UK General, backed with capacity from Munich Re subsidiary Great Lakes.

Homelyfe is planning to add more lines of business, starting with home insurance in early 2018. It aims to allow consumers to manage all of their insurance requirements through one app to make buying and managing insurance easier.

The company said the fresh investment would be used for technical development as it pursues its “aggressive product roadmap”.

The money will also be used to build the Homelyfe team in key areas, including customer success and data management.

Homelyfe was founded by Peter Goodman and Andrew Craven.

Talis Capital managing partner Vasile Foca said: “At Talis, we believe in combining cutting edge technology with conventional business, and Homelyfe’s modern and consumer-centric approach to insurance fits perfectly with that ideal.”

Peterson Ventures partner Randall Lloyd added: “The Homelyfe team has an impressive track record that is supported by a compelling business idea, which addresses a notable gap in a market that is ripe for disruption and improvement.”