Written by Christina Levada
Insurtech company, Jove has announced the first closing of its seed round, securing £3.6 million in funding, with a £400,000 allocation remaining for a second closing before January 2025. The round was led by Private Equity Fund Explorer Investments, alongside contributions from UK and European VCs, including Seed X, Love Ventures, Portfolio Ventures, New Alpha Asset Management, Exceptional Ventures, and Start Ventures.
This milestone marks a significant step for Jove as it continues to revolutionise how contractors, small businesses, and recruitment firms manage insurance with a digital-first approach. Jove’s journey has been supported by early seed funding from investors such as Fuel Ventures in October 2021, which backed the company in its initial stages and helped set the foundation for its growth and innovation.
Jove’s insurance products provide comprehensive, borderless coverage for contractors and small businesses working across jurisdictions, addressing the gaps in traditional insurance offerings. Its solutions are tailored for the demands of global mobility, including flexible monthly subscriptions that can be paused when contractors are not working. Their insurance capacity is provided by A rated insurers such as Accelerant and Great American Insurance Group.
The company’s AI-powered platform streamlines the insurance process, enabling a 30-second quote and purchase journey while automating insurance validation. This embedded solution integrates seamlessly with HRIS and ATS systems, simplifying compliance for recruitment firms, managed service providers (MSPs), and mobility marketplaces.
The investment will enable Jove to accelerate product development, enhance automation, and scale its operations to meet growing demand. The company is also preparing to launch a recruitment business insurance scheme across the UK and Europe in early 2025, empowering firms to validate insurance effortlessly while enabling recruitment companies to secure digital coverage.
Jove has already established partnerships with major global recruitment firms and MSPs, including InterEx, Magnit, Remote, and Hays, as well as mobility platforms like Shiply.
Amanda Cai, CEO of Jove, commented:
“We are thrilled to announce the successful closing of our funding round. This investment will enable us to further develop our AI-powered insurance validation platform and empower contractors and recruitment companies to achieve seamless insurance compliance and to get their global suppliers and contractors covered instantly. Jove is at the forefront of changing the landscape of how insurance is being quoted and purchased globally. This has never been done before.”
Pedro Correia de Barros at Explorer Investments said;
"At Explorer, we are proud to support Jove's mission to revolutionise insurance for contractors and small businesses. Their innovative AI-driven platform addresses critical pain points, delivering unmatched efficiency and flexibility in insurance solutions. We believe Jove is well-positioned to redefine the global insurance landscape, and we’re excited to be part of this transformative journey."
And to keep updated on all things Fuel please follow: