InsurTech company Jove, which specialises in providing innovative insurance solutions for contractors and small businesses, has raised £3.6m in its recent seed funding round.
The investment round was led by Private Equity Fund Explorer Investments, with contributions from UK and European venture capital firms including Seed X, Love Ventures, Portfolio Ventures, New Alpha Asset Management, Exceptional Ventures, and Start Ventures.
An additional £400,000 allocation remains open for a second closing before January 2025.
Jove focuses on revolutionising how contractors, small businesses, and recruitment firms handle insurance, using a digital-first approach to address gaps in traditional insurance offerings.
The company’s AI-powered platform delivers comprehensive, borderless coverage across jurisdictions and features flexible subscription options that can be paused when contractors are not actively working. Insurance capacity is provided by top-rated insurers such as Accelerant and Great American Insurance Group.
With the new funding, Jove aims to accelerate product development, enhance automation, and scale its operations to meet growing demand.
It is also set to launch a recruitment business insurance scheme across the UK and Europe in early 2025, aiming to simplify compliance and offer seamless digital coverage for recruitment firms and contractors.
Jove has already partnered with notable global recruitment firms and managed service providers such as InterEx, Magnit, Remote, and Hays, as well as mobility platforms like Shiply.
Jove CEO Amanda Cai said, “We are thrilled to announce the successful closing of our funding round. This investment will enable us to further develop our AI-powered insurance validation platform and empower contractors and recruitment companies to achieve seamless insurance compliance and to get their global suppliers and contractors covered instantly. Jove is at the forefront of changing the landscape of how insurance is being quoted and purchased globally. This has never been done before.”
Explorer Investments’ Pedro Correia de Barros added, “At Explorer, we are proud to support Jove’s mission to revolutionise insurance for contractors and small businesses. Their innovative AI-driven platform addresses critical pain points, delivering unmatched efficiency and flexibility in insurance solutions. We believe Jove is well-positioned to redefine the global insurance landscape, and we’re excited to be part of this transformative journey.”
In October 2021, Jove received early seed funding from Fuel Ventures, which helped lay the groundwork for its growth and innovation.
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