InsurTech startup Canopy has raised £1.6m to expand across the UK. Launched in May, Canopy is looking to disrupt the property rental market by making it easier for renters, landlords and estate agents to co-exist. The company provides a ‘simple one-off’ insurance policy backed by Hiscox, thus replacing the need for cash security deposits.
Lead investor Direct Line Group contributed £1.3m to the round. Tahir Farooqui, CEO and founder of Canopy, commented: “We have come a long way in a very short time – from an idea on a piece of paper to now having Direct Line Group and Experian as strategic investors. As a business with global ambitions, this funding will go a long way to bringing in new innovations to enhance peoples’ financial prosperity. “We are starting with the rental property market because there hasn’t been much innovation to improve the overall experience. We have created a rental ecosystem, with insurance at its core, which improves renting for all parties concerned – renters, landlords and estate agents. The days of the security deposit are now numbered.”