Bringing prevention to insurance – Locket eyes crowdfunding

Locket, which identifies as a prevention-first insurance provider, has launched the pre-registration for its latest crowdfunding round.

A target for the crowdfunding campaign was not revealed.

Once the capital has been raised, Locket hopes to move on to its next growth stage by developing more unique intellectual property, creating new insurance products and services and releasing its products to wider audiences through partnerships and price comparison sites.

The funding round has been given advance assurance by HMRC for EIS eligibility, offering favourable tax treatment to those eligible.

Locket claims to be revolutionising home insurance through a model that helps policyholders protect their homes through smart technology. The company states it is not just there to pay claims, but to prevent incidents happening in the first place.

Locket co-founder and CEO Krystian Zajac said, “We only started the company 15 months ago and, despite the challenging business environment of the past 18 months, we’ve managed to innovate at lightning speed. If we’ve achieved this much in slightly over a year, imagine where we could be in five or even ten years,” continues Zajac.

“Investing in us is a chance to own part of a company that is really shaking up a staid industry. Based on the level of interest in our last round, we would strongly suggest prospective investors pre-register on the Seedrs platform to avoid disappointment.”

Locket previously raised crowdfunding in January 2021, under its former Hiro brand, and attracted £2m from 645 investors. The investment was so popular it reached its stretch goal within three hours.

Over the course of the year, Locket has onboarded two underwriters, launched several insurance products, partnered with more vendors and launched on a price comparison site.

The InsurTech rebranded to Locket in October to better communicate its value and ensure easier international growth.

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