Coverfy is the first app that allows you to manage all your insurance policies from your smartphone and optimise prices and coverages.
The Spanish company, based in Barcelona, was founded in September 2015 and launched its app less than a year ago. Since then, the app has been growing at a rapid pace, backed by the collaboration of more than 30 insurers, and reaching more than 60,000 users on iOs and Android devices.
This mobile platform makes it possible to integrate and make the most of the policies taken out with any insurance company nationwide. In addition, it proactively proposes to the user the best offer available for similar coverages, being able to carry out all the procedures from the mobile phone. The Coverfy user can also receive the support of advisors to resolve any doubts in the process.
Coverfy has announced a €3.5M Series A funding round, which will strengthen its position and leadership in the InsurTech sector and will be used to consolidate its growth and continue the technological development of its platform.
This financing round is led by the venture capital fund K Fund, which again demonstrates its commitment to Coverfy, accompanied by Seaya Ventures and Sabadell Venture Capital as new capital partners. This is the second round closed by Coverfy in less than a year, which already received €750,000 in December 2016 from SeedRocket business angels and K Fund itself.
The InsurTech sector is emerging in response to the need for modernisation in the insurance sector, with a potential market of around €1 billion a year in commissions, and where the use of technology has so far been very limited.
InsurTech therefore involves the adaptation of traditional insurance companies to the new technological environment in all its dimensions, as well as the arrival of start-ups that offer new digital products or add value to existing companies.
Although it is a newborn sector with very little development, it is already beginning to generate movement in M&A at an international level and will grow at a great pace in the future in the same way that fintech did in its day.
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