Spanish insurtech startup Coverfy raises €3.5 million round

Coverfy, the 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 euros, which will be used to strengthen its leading market position, as well as its expansion and technological development. With this transaction, K Fund continues to show its commitment to Coverfy, and is joined by Seaya Ventures and Sabadell Venture Capital as new capital partners. This investment comes on top of the 750K euros announced by the company in December 2016, with the participation of business angels from SeedRocket and K Fund, the venture capital fund which also led the latest funding round.

Coverfy launched the app almost 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”.

About Coverfy

Coverfy started in September 2015 and, after several months of development, it became operative in August 2016 with a team led by Vicente Arias. Coverfy (www.coverfy.com) is an app created in Spain 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. Moreover, it offers a team of advisers to answer any questions and solve any issues or emergencies. More than 30 insurance companies confidently collaborate with the company, which has more than 60,000 users on iOS and Android. Coverfy is certified to operate as an insurance broker in Spain, as authorized by the General Insurance and Pension Funds Directorate (DGSFP in its Spanish acronym), with the following main advantages: access to all information on contracted insurance from anywhere, optimize insurance policies by means of its own algorithms and chat or phone assistance from a personal adviser (certified and with extensive experience), free of charge, who will help to find the best prices and coverage according to the user’s needs; process contracts without the need for paperwork; profile analysis and advice related to improvements in insurances to avoid duplication and to pay less without affecting the existing coverage.