Irish startup Kota, formerly known as Yonder, has netted €5 million in seed funding. The investment round was led by EQT Ventures with follow-on investment from existing investors Northzone known for investing in Statement and Rayon and Frontline Ventures.
Other notable investors include Job Van Der Voort of Remote.com, Romain Huet formerly of Stripe, now Open AI and others in the oversubscribed round.
Kota will use the funds to further develop its platform, expand its country and product reach and make it even easier for employers to cover and manage their employees’ benefits.
The company is also announcing the launch of its API product to enable platforms and developers to embed financial benefits products, initially Health Insurance, into their own platforms.
All-in-one insurance platform
Founded in 2022 by Luke Mackey, Deepak Baliga, and Patrick O’Boyle, Kota is an all-in-one platform to automate insurance and retirement benefits for modern teams.
It enables companies to set-up, manage and automate core financial benefits from multiple providers internationally. They can access health, retirement, life providers globally with real-time enrolment, flexible contributions, and an employee app in one place. Platforms and developers can also leverage our technology to offer these benefits in their own products.
Luke Mackey, Co-Founder and CEO said, “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.”
Naza Metghalchi, Principal at EQT Ventures. “Kota is creating a new category by providing the critical infrastructure for the distribution of financial products, at a time when employees rely on their workplace to access these products. 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.”
