UK’s insurtech start-up Pikl has secured an investment of £2.5m ($3.2m) in a new funding round led by Direct Line founder Sir Peter Wood.
Pikl provides insurance coverage to homes and landlords who often gives their full home or specific rooms on rent through Airbnb.
Additionally, the British insurtech firm offers insurance to users who give their unused parking spaces on rent through JustPark.
Wood said: “Pikl has an innovative proposition that will appeal to a fast-growing and under-served market, with significant potential for global expansion. Louise and her team have the experience and drive to fill this gap and I am delighted to support them on this journey.”
Pikl has also secured financial support from Esure, the insurance business which Sir Peter founded after leaving Direct Line in 1997.
Businesses similar to Pikl, such as Zego and New York-headquartered Verifly, have successfully raised millions of pounds from British investors.
Pikl was established in 2016 by Louise Birritteri, the erstwhile head of pricing at Co-op Insurance and Gallagher.