InsurTech company Pikl has landed £2.5 million in its latest funding round, led by Direct Line and esure founder Peter Wood.

The Norwich-based startup, founded in 2016 by former Co-op and Gallagher head of pricing Louise Birritteri, offers insurance products for the sharing economy with a focus on the Airbnb market.

Wood, chairman and investor in both esure and GoCo - now backed by Bain Capital following the sale of his £360 million stake in esure, led Pikl’s insurance round alongside a number of insurance, banking and tech investors.

He commented: “Pikl has an innovative proposition that will appeal to a fast-growing and under-served market, with significant potential for global expansion.”

Pikl has focused on working with the insurance market to try and stimulate the industry change needed to support users in the sharing economy, including wholesale and individual customers.

The company’s industry report, published earlier this year, highlighted that the insurance needs of over one million short-term rental hosts are not being adequately accommodated by the UK’s major insurers, after they were excluded from, compromised by or voided from their existing home insurance policies.

Share Story: