Insurtech Kota Raises €5m for Employee Benefits Management

Published 6 months ago

Ireland-based insurtech, Kota, formerly known as Yonder, has secured €5m in seed funding. The funding aims to aid in the development of tools to manage employee benefits and increase access to traditional financial and insurance products.

Enriching Employee Benefits

Launched in beta at the end of 2022, Kota has successfully raised a total of €7.6m, including the current round of funding. The company’s goal is to modernize and simplify how companies manage employee benefits. It has since expanded its services to cover employees in more than 30 countries and has introduced retirement products in partnership with companies like Smart Pensions, Allianz, and Irish Life.

Kota was co-founded by CEO Luke Mackey, Chief Product Officer Patrick O’Boyle, and Director of Engineering Deepak Baliga. The trio previously collaborated at the Irish contactless pickup start-up, Bamboo. Mackey emphasizes Kota’s mission, stating, “We exist to save companies money and time so that they can more easily protect their team.”

Investor Confidence in Kota

The recent funding round was spearheaded by EQT Ventures, with support from existing partners Northzone and Frontline Ventures, alongside several new angel investors. EQT Ventures principal, Naza Metghalchi, praised Kota’s potential, noting that the company is poised to become a significant player in distributing and selling financial products.

Future plans for the company include leveraging the support from new and existing investors to “accelerate and create” a new category in the industry. CEO Mackey also mentioned their commitment to focusing on building the best product for their customers while expanding their market availability and coverage options.