Coverfy, a Barcelona-based digital insurance startup, is looking to expand after closing a €3.5m financing round.
The Spanish business has collected investment from K Fund, Seaya Ventures, and Sabadell Venture Capital, and plans to use the capital to expand into new markets and durther develop its app.
Since launching in January 2016, the company has raised €4.25m, having previously closed a seed financing round last year. Its seed funding round gained the support of Barcelona-based business angels of Marek Fodor , Jesus Monleón, Albert Armengol and the Spanish fund KFund, among others.
Coverfy is looking to ‘revolutionize the way we relate to our personal insurance’ according to its website. It enables users to combine all insurance policies in one free mobile App with ‘global insurance coverage optimisation’ based on the automatic user profile analysis.
“Coverfy strives to allow users to take out the insurance they may need at any given time, without human interaction and optimized in terms of price and coverage,” according to founder and CEO Vicente Arias. “Nevertheless, it offers full access to our advisers, who are all duly certified and have extensive experience in insurance. Thanks to our use of Big Data and algorithms that have been developed over two years, it is now a possibility.”
The company was founded by Vicente Aria, previously the co-founder of Seedrocket, a Seed Funding Venture Program for Entrepreneurs with technology-based startups.
A number of digital insurance startups have collected funding this year, with ZhongAn Online Property & Casualty Insurance leading the way after reportedly closing its IPO on $1.5bn.
Online insurance provider Digital Risks picked up an investment from early-stage investor and incubator Earlymarket, while Washington DC-based Worker compensation insurance business Pie Insurance raised a $4.3m seed funding round.
Earlier this year, K Fund backed B2B billing cycle management solution provider Billin alongside Kibo. Seaya Ventures also recently joined a $7m Series A round for Mexico-based financial management platform ComparaGuru.com.
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