Cuvva, a fast-growing supplier of short-term motor insurance coverage, has drafted in advisers to discover a sale a decade after it was based.
Sky Information has learnt that Cuvva has employed Perella Weinberg Companions to discipline curiosity from potential patrons following a collection of unsolicited approaches.
Sources mentioned a sale course of was anticipated to kick off within the coming months.
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Cuvva has bought greater than 13m insurance policies since launching in 2015, and has signed up within the area of 1.4m prospects.
The corporate is chaired by the Metropolis grandee Bruce Carnegie-Brown, who just lately stepped down as chairman of Lloyd’s of London.
Roughly 7% of whole UK month-to-month motor insurance policies at the moment are bought by means of the Cuvva app, in response to the corporate.
Primarily based in London, it employs about 100 individuals.
Responding to an enquiry from Sky Information, Cuvva mentioned: “Following Cuvva’s just lately printed 2024 monetary outcomes – highlighting a file yr of progress and tripling revenue – we’ve since acquired a big quantity of inbound curiosity.
“As such, in the perfect pursuits of our enterprise and shareholders, we shall be exploring these to see if we will discover the precise match for our future ambitions and subsequent stage of progress as Cuvva matures.
“As a high-growth enterprise that continues to expertise super success and profitability.
“We are going to all the time contemplate all our choices from events – the precedence is to make sure we ship the perfect worth for our shareholders and Cuvva.”
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The corporate has raised greater than £20m from buyers together with LocalGlobe, the outstanding backer of early-stage corporations.
Final yr, it tripled adjusted revenue to £12.8m on turnover of £27.4m, pushed by buyer retention and excessive demand for short-term automotive insurance coverage.
Cuvva claims that roughly one in three 21-29 yr previous drivers in Britain have downloaded its app.
Its potential valuation in a sale was unclear on Friday.
