Neos, the UK’s first smart home insurance provider, has been selected as one of 37 companies joining Tech City’s Upscale programme, which aims to help the UK’s leading scaleups grow into the tech giants of tomorrow.
Upscale is a six-month programme of workshops, mentoring sessions and peer-to-peer learning that unlocks the key to scaling successfully. It is open to companies that can demonstrate a high level of month on month growth. Mentors include senior execs from Lastminute.com, Balderton Capital, Atomico, Kindred Capital, One Fine Stay, Blippar, Graze and Pact.
Neos launched nationwide in November 2017, bringing homeowners a totally new and unique combination of home protection and insurance. It combines smart home technology, 24/7 monitoring and assistance, plus the back up of comprehensive home insurance, all managed through an app.
The company secured a £5 million Series A investment in 2017 led by Aviva Ventures with strategic partner Munich Re providing the underwriting. This built on strategic investment and an exclusive partnership with ZPG plc which has given Neos access to a vast audience of property and insurance interested consumers and integration with the website.
This is latest endorsement of the high growth potential of Neos. In 2017 the company was ranked no. 11 in the world’s 100 most disruptive brands, and was named as one of TechWorld’s UK insurtech startups to watch for 2018. It also won ‘Internet of Things Breakthrough’ and ‘Insurer Innovation of the Year’ awards from Insurance Times and ‘Best Insurtech start-up’ at the Digital and InsurTech Awards.
Matt Poll, co-founder of Neos, said: “It’s fantastic to be selected alongside other ambitious scaleups. In just two years, we’ve created an entirely new way for consumers to protect their homes, underpinned by smart home technology. We have ambitious plans and we’re looking forward to the opportunities which being an Upscale company opens up for us not just in the UK, but overseas as well.”
Gerard Grech, Tech City UK CEO, said, “Upscale is an important programme because it is a crucial showcase for some of the UK’s most promising startups. This country is fortunate to have an amazing number of companies embarking on this journey but we still need to make sure that we continue supporting those ambitious entrepreneurs who make the bold decision to start or grow a business here in the UK.”