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Barcelona-based insurance tech startup Coverfy has raised €3.5 million from K FundSeaya Ventures, and Sabadell Venture Capital.

Launched last year, the app allows users to browse and compare insurance coverage and has reached 60,000 users. Coverfy will invest the new cash in market expansion and further development of the app.

“Coverfy strives to allow users to take out the insurance they may need at any given time, without human interaction and optimized in terms of price and coverage,” said CEO Vicente Arias. “Nevertheless, it offers full access to our advisers, who are all duly certified and have extensive experience in insurance. Thanks to our use of big data and algorithms that have been developed over two years, it is now a possibility”.

The company previously raised €750,000 in seed funding last December.