UK-based Canopy has received a further funding round, with Round Hill Capital supplying an undisclosed amount.
With this new round of funding, it values the company at £8.2m. This investment comes hot off the heels of Canopy’s previous round of £1.6m funding last month, of which £1.3m came from Direct Line Group and Experian.
Founded in 2016, the company, formerly known as InsureStreet, is a smartphone app which provides renters with an on-demand insurance platform. The solution offers real-time prices for deposit insurance. For renters, Canopy creates a ‘RentPassport, which removes the need for a large deposit sum by offering a lower-cost insurance policy.
Through the company’s partnership with Experian, users will be able to boost their credit history by paying rent directly through the app. Canopy’s other partnerships include Hamptons International, GetLiving, Atlas Residential and Tipi.
This new line of funding from Round Hill will be used to support further expansion across the UK, which includes new and extended services.
Canopy CEO and founder Tahir Farooqui said, “We are opening up a new market, so making sure that renters, landlords and estate agents understand the benefits which Canopy offers them is one of our main objectives. The rental property market has so many elements in which to improve, and we’re starting with trying to eliminate the antiquated requirement for a security deposit.”
Last week saw a handful of InsurTech transactions completed, with the biggest being homeowner policy provider Matic Insurance Services, which netted $7m. Other transactions included, claims and health issue prevention AI-powered conversation platform Boundlss $1.3m round, and Acturis Group buying ICE Insurance for an undisclosed amount.
The InsurTech sector was dominated by the North American market in 2016, with it seeing the most funding in each quarter. While Europe saw the second highest total capital invested to the space, it only accounted for 7 per cent, after North America was responsible for 88 per cent.
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