Koba is an Australian insurtech building a pay-per-kilometre connected-car insurance product using a best-in-class UK technology platform. The company plans a 2021 launch and will localize international pricing and risk models based on mileage and driving data to support a flexible, usage-based offering. Drivers can connect via a driving app, an on-board device, or a smartphone to enable the product. Koba intends to use AI and machine learning to improve claims, fraud detection, and risk segmentation and to drive operational efficiencies. The founding team is led by Andrew Wong and draws experience from startups and corporates across the US, UK, and Australia; Wong is based in Melbourne. It closed a $250k angel round led by Insurtech Gateway Australia, with support from local angels and the Hunter Equity Group to secure go-to-market readiness and localization work. The company is still seeking underwriting capacity and strategic partners to scale in the Australian motor insurance market. Prior international applications of the chosen technology reportedly achieved sustained claims frequency below 50% of market rates.

Total raised

$0M

Funding rounds

1

Latest round

Equity

Latest activity

Dec 2020