Insurtech start-up Neos Ventures is set for a full launch in early 2017 after receiving more than £1 million in seed funding from its first round of fundraising.
The company, which combines smart home technology with home insurance, is the first of its kind in the United Kingdom, offering a comprehensive insurance package backed by Hiscox along with a 24/7 home monitoring service. Rather than simply paying out on damage to possessions and property after an incident, Neos uses smart home technology to actively monitor the house, providing an early warning system to notify users in the event of issues such as break-ins or water leaks.
Among the investors in this funding stage are Match of the Day presenter Gary Lineker, as well as Steve Broughton, formerly managing director of RSA Insurance, and Ingenie founder Richard King. Barry Smith, former CEO of Ageas, has joined the board of directors as chair following his investment in the company.
Neos will use the funding to continue work on its product development, ahead of its full launch early next year. It is currently conducting an early access programme in London and the South-East. The package will be available to a wide customer base of homeowners, although it will ‘provide the best cost-benefit to those currently paying £500 or more for their home insurance’.
Former More Than director Matt Poll and Andrew Lucas managing director Krystian Zajac continue in their roles of CEO and CTO respectively. Andrew Lucas London retains its stake in Neos as the third largest shareholder in the company.
“Chapter one of the Neos story reads very well: we’re first to market, we’ve built an incredibly strong management team and we now have the backing of some of the industry’s most respected experts,” states Matt Poll, CEO of Neos Ventures. “We’ve already had a fantastic customer response from our soft launch and can’t wait to open up the Neos experience to the wider market,”
“We’re delighted with the level of support we’ve received from a number of prominent backers from both within and outside the industry,” adds Krystian Zajac, CTO of Neos Ventures. “This round of funding provides a significant boost to our product development efforts ahead of our full launch next year.”