Employee insurance and retirement benefits platform Kota, formerly known as Yonder, has raised a €5 million Seed funding round to see the Irish-based startup scale throughout Europe.
EQT Ventures led the oversubscribed round which included investment from existing investors Northzone and Frontline Ventures. Job Van Der Voort, Romain Huet, David Clarke and others got in on the deal too.
Founded by Luke Mackey, who hails from Bolt, Patrick O’Boyle former CTO at Bamboo, and Deepak Baliga formerly of Flipdish, the startup has developed a benefits platform catered to firms of all sizes. It is also launching an embedded health insurance product to enable platforms and developers to embed financial benefits products into their own platforms.
“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,” says Mackey.
Partnering with health insurance, life insurance and pension providers such as Irish Life, Allianz Partners and Smart Pension the platform also syncs with companies’ existing HR tools like Personio, Humaans, HiBob, Bamboo HR and Workday.
“The entire industry has been missing a data synchronisation and reconciliation piece––until Kota. With connections to both local and global providers, they've made enrolling, scaling and managing team benefits anywhere in the world as effortless as ordering dinner online, initially focusing on Europe,” says Naza Metghalchi, Principal at EQT Ventures.
“We’ve been impressed with Luke, Patrick and Deepak’s ability to ship fast, and are excited for them to execute their long-term vision,” she adds.
Lead image: via Kota. Photo: Uncredited.