Coverfy, the Barcelona-based insurtech startup that allows users to manage all insurance and optimize prices and coverage from a mobile device, has announced a Series A funding round for €3.5 million, which will be used to further expand and to boost the technological development. The fresh capital comes from K Fund, Seaya Ventures and Sabadell Venture Capital. This investment comes on top of the €750K announced by the company in December 2016.
Founded in September 2015, Coverfy launched the app about a year ago. Since then it has experienced great expansion, obtaining more than 60,000 users. This mobile platform lets users integrate and get the most out of insurance policies taken out with any Spanish insurance company. It also provides optimization and improvement services free of charge, by researching and proactively offering the best offer available for similar coverage, as well as allowing users to perform transactions with a few simple steps. Moreover, it offers a team of advisers for personalised support and to resolve any doubts or questions.
Vicente Arias, Coverfy’s Founder and CEO, said: “We are happy to have new investors join forces to promote our status and leadership in the industry. It is also a strong injection for the platform’s technological development, which is the main added value of our services”. Arias went on to add: “Coverfy strives to allow users to take out the insurance they may need at any given time, without human interaction and optimized in terms of price and coverage. Nevertheless, it offers full access to our advisers, who are all duly certified and have extensive experience in insurance. Thanks to our use of Big Data and algorithms that have been developed over two years, it is now a possibility.”
Coverfy, which currently focuses on the Spanish market, is an app that optimizes and manages any insurance policy from a smartphone. Its mobile platform lets users integrate and get the most out of insurance policies. It also provides optimization and improvement services free of charge, by researching and proactively offering the best offer available for similar coverage, as well as allowing users to perform transactions with a few simple steps.