Irish insurtech Kota secures contemporary funding to speed up development

Irish insurtech platform Kota, previously Yonder, has raised €5m ($5.27m) in a seed funding spherical led by EQT Ventures.

The spherical was additionally joined by the corporate’s current traders, Northzone and Frontline Ventures, alongside angel traders akin to Open AI’s Romain Huet and’s Job Van Der Voort, in addition to former Workday government David Clarke.

This extra funding brings the overall funding raised by Kota to €7.6m.

Established final yr, Kota goals to extend entry to standard insurance coverage and monetary merchandise akin to medical health insurance and worker advantages for companies and their workers.

Kota mentioned it’ll use the brand new funding for product improvement and increasing market availability and protection choices for purchasers.

Moreover, the insurtech firm is introducing a brand new embedded medical health insurance product to allow builders and platforms to embed monetary advantages merchandise into their very own platforms, reported the Irish Instances.

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Launched to the market earlier this yr, Kota says that it covers workers in additional than 30 international locations.

It has partnerships with well being, life, and pension insurance coverage corporations together with Allianz, Irish Life and Good Pension.

&Open, Unmind, Highlight Oral Care, Fonoa and others are amongst its shoppers.

Kota CEO Luke Mackey mentioned: “Kota is first to market with a platform that’s automating workflows by way of information synchronisation and reconciliation, integrating with top-tier well being, life and pension suppliers, and finally, delivering workers entry to the advantages that they deserve.”

EQT Ventures principal Naza Metghalchi mentioned: “The complexity of the monetary advantages ecosystem has been amplified with the tailwinds of distant work. The complete trade has been lacking an information synchronisation and reconciliation piece – till Kota.

“With connections to each native and world suppliers, they’ve made enrolling, scaling and managing staff advantages wherever on the planet as easy as ordering dinner on-line, initially specializing in Europe. Kota is creating a brand new class by offering the essential infrastructure for the distribution of economic merchandise, at a time when workers depend on their office to entry these merchandise.”

Kota raised €2.4m in a pre-seed funding spherical in 2022 to increase its engineering and product groups and expedite product improvement.

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