Sharing economy insurance start-up Pikl secures £2.5m funding from Direct Line founder Sir Peter Wood

Norwich-based insurance provider for the sharing economy Pikl has raised £2.5 million seed/pre-series A funding from Sir Peter Wood, the founder of Direct Line and Esure.

Pikl was founded in 2016 by former Co-op and Gallagher head of pricing Louise Birritteri. The start-up targets the sharing economy and develops products for platforms such as Airbnb, property managers and individuals.

Wood is chairman and a significant investor in both Esure Group and GoCo Group.

He 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.”

Birritteri, CEO of Pikl, commented: “We are thrilled to have Sir Peter Wood and esure, backed by Bain Capital, together with an impressive group of angel investors backing us in this venture. Their support and experience will lend considerable strength to my team as we scale up.”

Birritteri added: “By creating wholesale insurance products for brokers working alongside the insurance industry, Pikl is solving this problem for consumers. It means that the generation of Airbnb-ers can now get the best of both worlds – the best deals for both their standard and shared economy cover and, where they struggle to find cover, in Pikl they’ll have a brand that will accommodate them for both types of cover and will always have their best interests at heart.”

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