Investors back disruptive insurtech start-up that actively protects people’s homes and helps prevent claims
Neos, the UK’s first-ever connected home insurance service, has raised over £1m in initial seed funding, valuing the business at £8.4m.
Investors include the insurtech fund Eos Venture Partners and the experienced team that successfully launched ingenie, one of the first motor telematics insurance providers in the UK.
New investors include Barry Smith (former CEO of Ageas) who has joined the Neos Board as Chairman; Steve Broughton (former Managing Director of RSA Insurance) joins as a non-exec director; and Richard King (founder of ingenie) joins as an advisor. Former England footballer and Match of the Day host, Gary Lineker, is also an investor.
By combining the latest connected home technology, 24/7 monitoring and emergency assistance (alongside comprehensive home insurance from its lead underwriting partner, Hiscox), Neos is creating a new approach to insurance – one that enables consumers to actively protect their home and help prevent incidents.
Neos has been in development for the past 12 months and recently commenced its soft launch, with plans for a full market launch in early 2017.
Barry Smith, Chairman of Neos, said: “I’m delighted to have invested in and joined the talented and experienced Neos team at this very early stage. This is an exciting time for the home insurance market as we start to see new customer value propositions that embrace connected home technology.”
Neos was co-founded by Matt Poll (CEO) and Krystian Zajac (CTO) in late 2015. Poll was previously a director of MORE TH>N, while Zajac is an established entrepreneur in the connected home space.
Matt Poll, CEO of Neos, commented: “Chapter one of the Neos story reads very well: we’re first to market; in Hiscox we have one of the UK’s most prestigious insurers as a partner; we’ve built an incredibly strong management team and we now have the backing of some of the industry’s most respected experts. 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.”