Kota, a Dublin-based company working to streamline and optimize the fragmented employee benefits sector, announced a Series A funding round. The company secured $14.5 million from investor Eurazeo, bringing its total venture capital to $22 million to date.
Much of the time, core benefits like pensions and health insurance live largely in offline channels like emails and PDF documents, and they require intermediary steps like brokerage fees. This bogs down data movement for HR teams and limits benefits access for many employees, according to Kota.
Its solution works to address this challenge by providing direct insurance carrier integrations and ensuring those integrations are interoperable with an organization’s existing HR and payroll tools.
The company plans to invest its new capital in expanding the reach of its insurance carriers into more markets, enabling its customers to access more coverage options. Kota is also investing in its products to improve support and enhance its customer experience.
Alongside the funding raise, Kota announced its license by the Central Bank of Ireland as an insurance intermediary, making it the only insurance benefits platform with regulatory approval across the EEA and the U.K., according to the company.
