German insurance start-up Coya raises $30m
Germany-based insurance start-up Coya has secured nearly $30 million from investors led by Valar Ventures and e.ventures.
The Berlin-based start-up, which currently has around 55 employees, said the funds will make it a digital challenger to the traditional insurance market.
“With Valar Ventures, e.ventures and our further renowned VCs and business angels, we have a strong investor community at our side and long-term support. The funding provides the fuel to develop digitally focused insurance solutions that are fairer, faster, and future ready,” said Coya founder Andrew Shaw.
Once the approval process is finalized by the German Federal Financial Supervisory Authority (BaFin), Coya will launch its first insurance products as a fully licensed insurance carrier.
James Fitzgerald, partner at Valar Ventures, added: “We see huge potential in Coya. Building an insurance company for current century requires the right balance of insurance and technology expertise, something that others - both incumbents and many insuretech startups - have not been able to achieve. And Coya’s determination to build a fully licensed and integrated insurance offering from the ground up, rather than rely on third parties, sets them apart in the space.”
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