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Driverly Insurance announces ‘unexpected overfunding’ in pre-seed investment round worth more than half a million pounds.

Steve Pacitto


Driverly Insurance announces ‘unexpected overfunding’ in pre-seed investment round worth more than half a million pounds.

Latest round of investment sees Driverly secure its first institutional investor as well as some of the insurance industry’s most renowned investors.

Cardiff-based Driverly Insurance, provider of a unique, flexible, app-based car insurance service, is delighted to announce it has secured £525,000 in a pre-seed investment round, overfunding its original target due to unprecedented investor interest. 

Alongside an agreement on £250,000 in equity investment by the Development Bank of Wales (the first institutional investment in the business), Driverly can confirm additional commitments by serial entrepreneur Manuel Santiago and Duncan Russell, former CFO at Admiral Financial Services. 

Driverly’s unique app provides dynamic pricing to customers based on their driving habits, enabling users to earn rewards that can be redeemed as vouchers and discounts. Its proprietary technology is at the forefront of dynamic pricing and monthly subscription insurance, which is set to revolutionise the market. 

The service targets safe drivers, many of whom face high insurance premiums and earn no rewards for their safe driving. Also, Driverly is introducing a no-fee insurance proposition, including no cancellation fees. 

The Driverly Insurance app is free to download and trial for users interested in understanding how improved driving behaviour can reduce premiums and secure additional rewards.  

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Driverly Insurance is a UK based insurtech business, set up in 2021 to specialise in providing car insurance for safe drivers.  The Driverly app and business model offers the UK's first genuine, dynamically priced driving insurance solution. This flexible policy employs the very latest proprietary technologies to deliver insurance the way it should be: personalised to the users' driving habits and dynamically priced on a monthly basis to reflect driving behaviours. The Driverly app, which is free to download and trial, is at the forefront of a new age of dynamic usage-based insurance (UBI) products and gathers data to monitor and reward good driving behaviour. Customers can receive digital "acorns" as part of a rewards programme, which can then be converted into vouchers or discounts. This monthly subscription policy also enables customers to cancel at any point without paying a cancellation fee. 

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