Luko acquires Coya

On Tuesday we shared a tidbit on 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.