IoT-based insurer Neos bags £5m from Aviva Ventures and Munich Re

Connected home insurance company Neos has raised £5m in a Series A round led by Aviva Ventures and Munich Re. In addition to the investment the London-based startup will partner with Munich Re to expand its underwriting capacity.

Neos offers insurance premiums as well as nine connected home sensors such as wireless cameras and leak detectors that connect to its app. These IoT devices allow the company to proactively help people to take steps to prevent incidents like fire, theft and water leaks.

NEO CEO and co-founder Matt Poll Said: “We’ve built a completely new type of home insurance product. Never before have we seen an insurance company offer to proactively protect your home from the threats of water, fire and theft.

“The investment and strategic partnership from two respected insurance brands, Aviva and Munich Re, cements our belief that what we’re doing is the future of insurance, given their leadership in innovation.

“When you combine this with our distribution partnership with Zoopla (ZPG plc), and underwriting support via Hiscox, we’re excited about the benefits we will be bringing to consumers at full market launch later this year, through positively disrupting the market.”

The company previously received a strategic investment from property portal Zoopla in November and previously raised a £1m Seed round led by Eos ventures.

It also counts BBC sporting personality Gary Lineker as a backer.

Copyright © 2017 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.