Jove Secures Funding and Battle-ready with £3.6m Insurtech Investment

Jove Insurance Secures £3.5M Seed Funding to Expand Global Coverage for Contractors

Key Highlights:

1. Funding Details:

   • Jove Insurance, a British insurtech startup specialising in "borderless" business liability insurance for contractors, has raised over £3.5 million in a seed funding round.
   • The round was led by Explorer Investment, a Portuguese-based fund, with contributions from notable investors such as Love Ventures, Portfolio Ventures, Start Ventures, Seed X, and New Alpha Asset Management.
   • Prominent angel investors, including former Google executive Dan Cobley, also participated.

2. Unique Offering:

   • Jove provides borderless insurance for contractors and SMEs working across the UK, Europe, and the US in hundreds of occupations.
   • Their product is available via a flexible subscription model, which contractors can pause when coverage isn’t required.
   • Policies are underwritten by established insurers like Hiscox and Great American Insurance Group.

3. Market Opportunity:

   • Jove taps into the growing demand for adaptable insurance solutions as global workforces increasingly adopt freelance and contract-based employment models.
   • The company is part of a broader wave of insurtech firms disrupting traditional insurance practices to cater for modern employment trends.

4. Technology Focus:

   • Jove is enhancing its AI-powered insurance validation platform, streamlining compliance and enabling contractors and recruitment firms to secure instant global insurance coverage.

5. CEO’s Vision:

   • Lizhen Cai, Founder and CEO of Jove, emphasized that the funding will help the company "empower contractors and recruitment companies to achieve seamless insurance compliance" while further innovating the insurance purchasing process globally.

6. Expansion and Future Plans:

   • With this funding, Jove aims to accelerate its growth, expand its product offerings, and solidify its position in the global insurtech market.

The exact valuation achieved in this funding round was not disclosed, but Jove’s innovative approach positions it as a key player in the rapidly evolving insurance sector tailored for the gig economy.
Source: Sky news
Edited by: Evans Momodu