Laka raises £7.7m to expand its green mobility insurance platform

London-based InsurTech Laka has raise £7.7m in a Series B funding round co-led by Shift4Good and MS&AD Ventures, and backed by investors including 1818 Ventures, Achmea Innovation Fund, Autotech Ventures, Creandum, LocalGlobe, Motive Partners, Ponooc, and Republic (formerly Seedrs) – some of whom participated in its €7.6m round back in October 2023 (see Laka focuses on France for next leg of its journey).

Founded in 2017, the company has since branched out from its high-end bicycle insurance beginnings to cover e-bikes and cargo bikes too, and has also expanded across Europe (partly organically, but also through acquisitions – such as of French bike insurance provider Cylantro last October).

The company operates a collective-based insurance model for cyclists (with no fixed sum charged upfront, instead premiums vary – up to a capped limit – based on the actual cost of claims each month).

Laka is aiming to use its Series B backing to further expand its offering and “build towards profitability”, planning a “significant debt financing agreement” (to fund an acquisition pipeline) and possibly additional funding later in the year.

Posted by: Craig Wentworth at 09:25

Tags: acquisition   funding   mobility   insurance   bike   cycle   bicycle   e-bike   collective