Coya to stir the insurance industry with new influx of cash
Berlin-based insurance start-up Coya has raised $30 million in new cash, making it a total of $40 million raised from investors, including Valar, eVentures, La Famiglia and a slew of angel investors.
Coya was founded by two ex-employees at Kreditech and two executives from the European insurance industry, and will launch in Germany with a new renter’s insurance service.
Co-founder Andrew Shaw believes that the insurance industry has always had a cumbersome inability to use technology.
Shaw launched the company in 2016 with Sebastian Villaroel, a fellow former Kreditech employee; Peter Hagen, the former chief executive of Vienna Insurance Group; and Thomas Münkel, an executive at Allianz and the former CEO of Uniqa Insurance.
Coya aims to expand throughout Europe after establishing themselves in Germany. Powering that expansion is a German insurance licence, which the company is close to receiving, which will allow the company to access all EU residents under German regulation.
Coya plans to add insurance products across property, accident, personal liability and personal finance.