Berlin-based insurtech startup Coya has raised a $10 million seed funding round. the investment was led by Silicon Valley's Valar Ventures, a VC firm backed by Peter Thiel, with participation from e.ventures and La Famiglia. Thiel, a co-founder of PayPal, is known for investing in European fintech startups, including the UK's TransferWise and Germany's N26.
Coya's goal is to become, "Europe's leading digital property and accident insurer," according to co-founder Andrew Shaw, as reported by Grunderszene.
This is a big seed round for Coya, which was only founded last year, and hasn't yet launched its product, though it already employs 30 people. The company is working to build a digital insurance provider and is planning to launch in 2018. It recently filed an application with the German financial regulator BaFin to become a licensed insurance provider.
"This investment will allow Coya to further extend our team and build up an exceptional product for our customers," co-founder Dr. Peter Hagan told Business Insider.
Read more: Business Insider