InsurTech startup Neos lands £5m in Series A round
London-based home insurance startup Neos has raised £5m in a Series A round led by Aviva Ventures and “strategic partner” Munich Re, a German reinsurance firm.
InsurTech firm Neos uses smart home tech to protect homes from fire, water damage and theft.
The firm says its technology is able to detect threats to the home, and provide real-time updates to customer’s smartphones via its app. It also provides around-the-clock emergency assistance teams.
Neos will use the investment to accelerate its growth, helping it to take smart home technology “into the mainstream”.
The standard Neos policy includes HD cameras, motion sensors, smoke detectors, door contacts and water leak sensors.
Matt Poll, CEO of Neos, said the firm’s new investment and strategic partnership “cements our belief that what we’re doing is the future of insurance”.
“We’ve built a completely new type of home insurance product,” he added. “Never before have we seen an insurance company offer to proactively protect your home from the threats of water, fire, and theft.
“We’re excited about the benefits we will be bringing to consumers at full market launch later this year, through positively disrupting the market.”
Britain’s home insurance market is worth £7bn, whilst the UK’s Internet of Things (IoT) market is expected to grow to more than 150 million connections by 2024, according to Ofcom research.
Ben Luckett, managing director at Aviva Ventures, said: “Investments are all about talent, future, and disrupting the status quo. Our involvement in Neos reflects all of these three elements, surrounded by great technology delivering a purpose.”
The news comes after Neos closed a £1m Seed round in October last year.