$525,000 from 160 investors ahead of its launch to improve its software and expand its workforce, with a goal of raising a total of $1 million. Mr Wong said, “The support and funds raised have been incredible; and shows that people are behind insurtechs and ready for our new usage-based approach”.
Premium payments are separated into two parts: a fixed premium for drivers who are parked, and a per-kilometer cost for those who are driving, which normally ranges from 3 to 10 cents. Koba tracks the distance driven in real time and only charges drivers for what they use.
According to Eric CEO Malcolm Tilbrook, Koba has a fantastic blend of experienced insurance experts and proven start-up skills, and that Eric will help its journey in a highly regulated sector. He said, “We are throwing our full support behind them and are excited to see what they can produce. It makes good business sense to explore new solutions.”
