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Successfully funded
overfunded
Celo
142%
Raised
£142,840
Investors
407
Target
£100,000
Equity
32.26%
Pre-money valuation
£300,000

Celo is an app-based insurance provider designed to provide cheaper quotes, faster claims, and a pleasant user experience. We plan to offer insurance cover for motor vehicles, travel, health, and more. Like Monzo and Starling who are disrupting banking, Celo plans to disrupt the insurance industry.

  • The UK has the largest insurance industry in Europe
  • Over 2000 users are already on the beta waiting list
  • Building of the backend software architecture has commenced
  • Planning to launch the full service offering by 2019

Idea

Unlike traditional insurance providers, Celo is an app-based insurance provider designed to provide cheaper quotes, faster claims, instant cover, and a pleasant user experience. We plan to offer insurance cover for motor vehicles, travel, health, and gadgets.

Like Monzo and Starling Bank who are disrupting banking, we're planning to disrupt the insurance industry.

The UK has the largest insurance industry in Europe, generating $320 billion (£250 billion) in revenue each year. In addition to this, a survey (Insurance Disrupted, Deloitte UK) found that over 77% of customers aged 25-34 would like to use their mobile phones to purchase and manage general insurance policies, something which is not focused on by current insurance providers. Celo will be built with a focus on capturing this market.

Celo plans to integrate with third-party services like Monzo Bank, Starling Bank etc. and offer their customers insurance without the need for further identification checks or sign up processes. We've already started building our backend software architecture and plan to expand our technical and marketing team to take us to beta and subsequently to full launch. We already have over 2000 users on our waiting list gained from a limited advertising campaign run on social media platforms.

We're planning to launch our beta by early 2018, and plan to launch our full-service offering by early 2019.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Celo has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Seed Enterprise Investment Scheme (SEIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 50 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.