Canopy, a London, UK-based insurtech startup, raised £1.6m in funding.
The round was led by Direct Line Group, which contributed £1.3m taking a 15% stake in Canopy.
The company will use the funds to expand its business reach across the UK.
Founded in 2016 by Tahir Farooqui, Canopy is creating a rental ecosystem that fosters trust between landlords, renters and agents designing an insurance policy backed by Hiscox that meet their needs. Users can get access to an on-demand insurance platform that generates real-time prices for deposit insurance, and rewards the good behaviour of trustworthy tenants, this removing landlords worries.
The service is based around a RentPassport™, which provides proof of an individual’s rental and credit history and their ability to pay rent promptly. This enables both landlords and agents to pre-approve renters, saving them time with the vetting process.