Coya AG, a Berlin-based insurtech startup, raised over $10m in seed funding.
Backers included Valar Ventures, e.ventures, La Famiglia, as well as angel investors Mato Peric (EPIC Companies, Rocket Internet), Rolf Schrömgens (Trivago), Elvir Omerbegovic (Universal Music, Selfmade Records), Marco Knauf (true fruits), Sebastian Diemer (Kreditech, finiata) and Alexander Graubner-Müller (Kreditech).
The company intends to use the funds to continue to expand operations hiring new people to build the platform.
Co-founded by Andrew Shaw, Dr. Peter Hagen, and Sebastian Villarroel, Coya aims to provide digital insurance products at the point of need with an AI risk guardian and transparent and personalized cover.
The company, which has filed a license application with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) to become a licensed and regulated insurance carrier, plans to launch its services in 2018, following the approval.
It currently comprises a team of more than 30 employees with insurance, technology and data science backgrounds, gained at global leaders such as AXA, Citi, HUK-Coburg, Oliver Wyman, Rocket Internet, Wimdu and Zurich.