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InsurTech startup Neos raises over £1m in Seed funding

smart home

Neos, a connected home insurance service, has raised over £1m in Seed funding from investors including InsurTech fund Eos Venture Partners.

Other new investors included Barry Smith (former CEO of Ageas), Steve Broughton (former managing director of RSA Insurance) and Richard King (founder of ingenie), who have also joined Neos as chairman, non-exec director and advisor respectively.

Designed to prevent the damage that would lead to a home insurance claim, Neos’ home technology, which includes cameras, motion sensors and smoke detectors, alerts homeowners of a break-in, leak or fire and contacts the 24 hour monitoring team to send out the right tradespeople.

Matt Poll, CEO of Neos, commented: “Chapter one of the Neos story reads very well: we’re first to market; in Hiscox we have one of the UK’s most prestigious insurers as a partner; we’ve built an incredibly strong management team and we now have the backing of some of the industry’s most respected experts.

“We’ve already had a fantastic customer response from our soft launch and can’t wait to open up the Neos experience to the wider market,” he added.

Barry Smith, chairman of Neos, said he was delighted to have joined the Neos team at his early stage: “This is an exciting time for the home insurance market as we start to see new customer value propositions that embrace connected home technology.”

Former England footballer and Match of the Day host Gary Lineker also participated in the round.