Insurtech start-up KOBA, known for its pay-per-kilometre (pay-per-km) car insurance, has raised $547,000 for its latest crowdsource funding round.
The insurtech opened its latest funding round in July 2022 in partnership with Birchal. Now, it has reported that only 50% of share allocation is left for members of the public to jump on board.
“This is our second raise, and once again, we’re being overwhelmed by the support and grateful to our new shareholders,” said KOBA founder Andrew Wong, adding that this funding round aims to help scale awareness of its pay-per-km car insurance among early adopters, build partnerships with car manufacturers to offer connected insurance, continue evolving the app experience, and build new data-driven insurance products.
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In its first funding round in 2021, in partnership with Birchal, KOBA raised $1 million in only five days from 358 investors.
Launched in November 2021, KOBA enables policyholders to pay a fixed amount to have their car insured while it’s parked, and then they pay only for the distance they drive, with the usage measured through a small matchbox-sized device called a “KOBA Rider,” attached to a car’s OBD port.
This year, KOBA was named one of Insurance Business Australia’s 5-Star Insurance Innovators.