Berlin-based InsurTech platform Coya has raised $10m in its seed investment round.
Backers to the round include Valar Ventures, e.ventures, and La Famiglia, as well as several angel investors.
Coya helps build innovative and transparent insurance products to help cater for the exact needs of the customer. The platform, which is due to launch in Germany next year, uses an AI ‘risk guardian’ to help create the personalised cover.
This capital will be used to help expand Coya’s team and further develop the product. The company is in the process of applying with German financial regulator BaFin to become a fully licensed and regulated insurance carrier.
Valar Ventures partner James Fitzgerald said, “From onboarding to claims processing, the insurance industry has failed to embrace 21st century technologies, either because they don’t want to or they can’t (or, most likely, both).
“Coya is going to, implement into every aspect of its customer journey the basic technologies that consumers have come, to expect in their digital life – a frictionless, mobile and web first experience, powered by machine, learning. In short, Coya is going to revolutionise the insurance industry in Europe.”
The $10m seed funding round marks one of the largest of its type in Germany.
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