Canopy (formerly known as InsureStreet), a London, UK-based insurtech company focused on the property rental market, received a further investment from Round Hill Capital, a real estate investment and management firm.
The amount of the investment, which followed Canopy’s recent £1.6m second round of funding, including £1.3m from Direct Line Group and backing from Experian, was not disclosed.
The company will use the funds to invest in further UK expansion, including new and extended services.
Founded in 2016 by Tahir Farooqui, CEO, Canopy provides a smartphone app that gives renters an instant digital rental profile, RentPassportTM, which replaces the need for large cash security deposits with an insurance policy backed by HISCOX.
Through its partnership with Experian, users will enhance their credit history by paying their rent directly through the mobile app.
The company also has a number of strategic partnerships with property companies including Hamptons International, GetLiving, Atlas Residential and Tipi (Quintain).