Luko acquires Coya

On Tuesday we shared a tidbit on Luko Insurance AG (Coya), the German digital insurer that was established in 2016. Like many D2C insurance startups, Coya wasn’t able to figure out how to acquire customers online in a fast and effective way. How you deal with this challenge is likely going to determine if you become a unicorn or end up as a pony.

Today, French insurance startup Luko announced the acquisition of Coya in order to grow its European presence and obtain an insurance license in Germany, something Coya has since it’s a full-stack insurer. Terms of the deal were not disclosed and it doesn’t involve money, only shares. The companies were working on a deal since March 2021.

Coya raised around $40 million and at one point had over 100 employees. Today, there are around 35 employees working for the company, which serves 80k customers. Luko, on the other hand, raised ~$85 million, has ~150 employees, and 220k customers.

Coya is now called Luko Insurance AG.