Ann: Strategic Investment in KOBA Insurance, page-8

For anyone interested, there is quite a bit of info about KOBA available on Birchal's website from their round of funding in August 2022.

My 2c below FWIW.

Pros:
+ Decent unit economics. Early days but LTV/CAC and loss ratios look good.
+ Low km product maybe a viable niche.
+ Nice website, smooth experience getting a quote, competitive pricing.
+ Great reviews on trustpilot.
+ Big upside potential with telematics (the PDS mentions acceleration and braking data)
+ Head of insurance / underwriting is ex-Progressive, which is relevant given the telematics angle.

Cons:
- Massively sub-scale. 600 customers at Aug-22. Maybe 1000 now? Needs to scale 10x to 50x to become viable. Not clear how they get there given the small base and hyper-competitive market.

Interesting:
* Tom and Tony were angel investors / hold convertible notes outside of ENA