MyFirstUK looks to crowdfund insurance firm for young drivers
MyFirstUK, an insurance brokerage firm established to provide young drivers with insurance, has launched a crowdfunding campaign on Seedrs selling a 12.79% stake for a minimum of £110,000. The start-up aims to become the go-to comparison and broking site for insurance and other financial products for young people.

South East Business Muhammad Aldalou

A new insurance brokerage firm in Berkshire, which was established to address the problem of young drivers car insurance, has launched an equity crowdfunding campaign to support its expansion.

MyFirstUK, which was founded by qualified insurance brokers James Noble and George Abbott, has a vision of becoming the go-to comparison and broking website for insurance and financial products for young people.

In the company's crowdfunding bid on Seedrs, the founders said the motivation for the idea came after the "exhausting frustration" they both faced when insuring their cars for the first few years of driving.

"With the millennial generation being technology, internet and socially savvy, we believe there is a gap in the market to cater for young people's insurance and financial needs," they said.

"From our initial success interacting with clients via social media, we have been able to turn an initial idea into a revenue generating business with what we believe are all the foundations to digitise and expand."

Since launching in early July, the business claims to have more than 130 prospective customers in its data base, 2,600 followers on Twitter and over 1,000 monthly visits to its website. These numbers are expected to "increase significantly" once the company's marketing campaign commences.

MyFirstUK is hoping to raise a minimum investment of £110,000 in return for a 12.79 per cent equity stake in the business, and has so far met 18 per cent of its target.