InsureStreet, a London, UK-based insurtech startup focused on the property rental market, raised £512k in its initial funding.
Backers included Vin Murria, Charles Burgess, Christopher Raymond McKee, Nick Martin and Catherine Hardiman.
Led by Tahir Farooqui, founder and CEO, InsureStreet is advancing an insurance platform for the property rental market to replace cash deposits and agency fees with on-demand policies.
InsureStreet provides renters with a digital RentPassport™ that validates their profile and then provides renters with an instant insurance quote to cover their deposit. Instead of paying a traditional cash deposit, renters make a one-off payment for an insurance policy that covers them for the duration of the rental contract. The platform rewards good behaviour through lower policy premiums at renewal.
Regulated by the FCA, the startup is selectively piloting with insurance partners such as HISCOX, Experian, Urban Spaces, Get Living, Quintain (Tipi), Essential Living, Atlas Residential, Walten & Allen and Fifty Thousand Homes.
The company, which was part of the Accenture FinTech Innovation Lab, is now raising £1.8m.