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This Insurtech startup has raised £512k as it targets Generation Rent

London-based InsureStreet has raised £512k in capital from a coterie of angel investors as part of its initial funding.

The startup, which is developing a platform that aims to do away with rental deposits and pricey agency fees, has attracted investment from Vin Murria, Charles Burgess, Christopher Raymond McKee, Nick Martin and Catherine Hardiman.

InsureStreet works by providing tenants with a secure profile from which they can be provided with an instant insurance quote to cover any deposit, swapping a deposit payment for a one-off insurance payment which covers them for the length of the tenancy.

The startup claims that in many cases the cost of a policy can be up to 95% cheaper than standard deposits, and tenants who build up good behaviour and make fewer claims on their policy will be rewarded with even cheaper payments over time.

Landlords benefit from being able to pre-screen potential tenants, with profiles that include claims information, total rent payments and other data, and are protected by the rental insurance policy.

In comments reported by Tech City News, Founder and Chief Executive Tahir Farooqui, said that the startup was hoping to shake up an industry that is ‘blighted with mistrust’, and save tenants and landlords time and money in the process.

He said: “Our goal is to make it easier for good tenants to find nice places to live – especially in large cities where rent is inflated beyond their means.”

The startup, which is also part of Accenture’s FinTech innovation lab, has already sealed partnerships with the likes of Hiscox and Experian, as well as London-based fraud detection startup Onfido.

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