Kota Raises €5m in Seed Funding
Ireland-based insurtech Kota has secured €5m in seed funding to support companies in managing employee benefits. The company, formerly known as Yonder, is on a mission to enhance access to traditional financial and insurance products for the next generation of employees. Kota entered the market in beta at the end of 2022 after raising €2.6m in September of that year. Since then, it has expanded its services to over 30 countries, introduced retirement products, and established partnerships with renowned companies like Smart Pensions, Allianz, and Irish Life.
Founded by Passionate Entrepreneurs
Kota was co-founded by CEO Luke Mackey, chief product officer Patrick O’Boyle, and director of engineering Deepak Baliga. The trio had previously worked together at Bamboo, an Irish contactless pickup startup. Mackey expressed the company’s core objective, stating, ‘Simply put, we exist to save companies money and time so that they can more easily protect their team.’ Despite being in the early stages of its journey, Kota has already been positively impacting its customers, according to Mackey.
Support from Prominent Investors
Kota’s recent funding round was led by EQT Ventures, a new investor, with participation from existing early partners Northzone and Frontline Ventures, as well as several new angels. Naza Metghalchi, principal at EQT Ventures, highlighted Kota’s global connectivity and its potential to become a key player in the distribution and sale of financial products. Mackey expressed gratitude for the support from both new and existing investors, emphasizing that it will enable the company to accelerate its growth and forge a new category within the industry. He added, ‘While funding is a milestone and further validation of our hypothesis, we know it’s a means to an end. We’re staying focused on building the best product for our customers while expanding our market availability and coverage options.’