Irish insurtech platform Kota, formerly Yonder, has raised €5m ($5.27m) in a seed funding round led by EQT Ventures.
The round was also joined by the company’s existing investors, Northzone and Frontline Ventures, alongside angel investors such as Open AI’s Romain Huet and Remote.com’s Job Van Der Voort, as well as former Workday executive David Clarke.
This additional investment brings the total funding raised by Kota to €7.6m.
Established last year, Kota aims to increase access to conventional insurance and financial products such as health insurance and employee benefits for businesses and their employees.
Kota said it will use the new funding for product development and expanding market availability and coverage options for customers.
Additionally, the insurtech company is introducing a new embedded health insurance product to enable developers and platforms to embed financial benefits products into their own platforms, reported the Irish Times.
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Launched to the market earlier this year, Kota says that it covers employees in more than 30 countries.
It has partnerships with health, life, and pension insurance companies including Allianz, Irish Life and Smart Pension.
&Open, Unmind, Spotlight Oral Care, Fonoa and others are among its clients.
Kota CEO Luke Mackey said: “Kota is first to market with a platform that is automating workflows through data synchronisation and reconciliation, integrating with top-tier health, life and pension providers, and ultimately, delivering employees access to the benefits that they deserve.”
EQT Ventures principal Naza Metghalchi said: “The complexity of the financial benefits ecosystem has been amplified with the tailwinds of remote work. The entire industry has been missing a data synchronisation and reconciliation piece – until Kota.
“With connections to both local and global providers, they have made enrolling, scaling and managing team benefits anywhere in the world as effortless as ordering dinner online, initially focusing on Europe. Kota is creating a new category by providing the critical infrastructure for the distribution of financial products, at a time when employees rely on their workplace to access these products.”
Kota raised €2.4m in a pre-seed funding round in 2022 to expand its engineering and product teams and expedite product development.