Change in the management at Coya

The founder is leaving, the co-CEO is taking over and the board is being expanded: There's personnel change at insurtech Coya.

Insurtech Coya is not resting easy: Co-CEO Max Bachem is taking over the company's board of directors, effective immediately, according to Finance Forward. His partner and founder of the startup Andrew Shaw is leaving his post and will only advise the insurtech in the future. Also joining the board are Julia Sharonova, who only joined Coya in March as chief actuary, and Nigel Jankelson, who joined the insurtech in 2020 from New York investment bank Macquarie as head of operations. Bachem herself started at Coya, moved to insurer Axa in between, and only rejoined the insurtech earlier this year.

Founded in 2016, the company offers insurance and is one of the few insurtechs in Germany to have a license from Bafin to do so. When Coya started, it was a great hope for the industry. Venture capitalists such as Peter Thiel's Valar Ventures invested. Right at the beginning, Shaw was able to collect ten million US dollars. But the numbers didn't pan out as expected, most recently Finance Forward reported the startup was having trouble attracting investors. However, existing investors continued to invest and gave five million US dollars.