A British insurance company which covers contractors when they undertake work in multiple countries has raised more than £3.5m in funding to help accelerate its expansion.
Sky News understands that Jove Insurance has secured the backing in a seed round led by Explorer Investment, a Portuguese-based fund.
Investors including Love Ventures, Portfolio Ventures, Start Ventures, Seed X and New Alpha Asset Management also participated in the fundraising, while angel investors including the former Google executive Dan Cobley are also among Jove’s backers.
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Jove claims to be the first Insurtech to provide borderless business liability insurance to SMEs and contractors working in hundreds of occupations in the UK, Europe and the US.
It offers a monthly subscription which can be paused when contractors are not working in roles which require insurance cover.
The company says its product is backed by blue-chip insurers such as Hiscox and Great American Insurance Group.
It is among an emerging wave of insurance tech companies which are tapping into demand for shifting employment patterns among large parts of the global workforce.
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Lizhen Cai, the company’s founder and chief executive, said: “This investment will enable us to further develop our AI-powered insurance validation platform and empower contractors and recruitment companies to achieve seamless insurance compliance, [enabling them to get their] global suppliers and contractors covered instantly.
“Jove is at the forefront of changing the landscape of how insurance is being quoted and purchased globally.”
The valuation at which the seed funding was raised was not disclosed.