German-based insurtech start-up Coya has reportedly secured $10 million during its latest seed funding round, which was led by Peter Thiel’s fund Valar Ventures with participation from e.ventures and La Famiglia.
According to Business Insider, Coya was founded by two veterans of German lender Kreditech and former Vienna Insurance Group (VIG) CEO, Dr. Peter Hagen. The company stated:
“We make insurance into what it should be: a community that protects itself against the risks of life. We combine this with a considerable portion of innovative technology and an experienced team. The result is a fast and simple, transparent and flexible insurance. We do not make it more complicated than it is, and provide products that will help you keep track of your goals in life. The products are individually adapted to specific needs and represent an insurance solution where you only pay what you really need. We work on an insurance company that saves time and money so that our customers can concentrate on the things they really care about.”
Hagen, revealed to the media outlet:
“Valar’s experience with PayPal, Transferwise, and N26 already set an example for the disruption of outdated business models in financial technology. This investment will allow Coya to further extend our team and build up an exceptional product for our customers.”
James Fitzgerald, a partner at Valar Ventures, also commented:
“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 revolutionize the insurance industry in Europe.”
Andrew Shaw, co-founder and CEO of Coya, added:
“With our unique mix of insurance, tech and data science expertise, we are rethinking the insurance business model from scratch. We put the customer first in all that we do, while building up cutting-edge proprietary technology.”
Peter Theil, who is founder of PayPal, is known for his investments in various companies, including Facebook.