Laka scores €10.6m funding to advance bicycle insurance offering

Bicycle insurance platform Laka has raised €10.6m in a Series A round of funding led by US mobility investor Autotech Ventures.

Also taking part in the round were Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures, LocalGlobe and Elkstone Partners. Laka previously raised €4.29m in February 2020.

Founded in 2017, Laka provides insurance for retail and commercial customers such as delivery fleet riders, cyclists, e-cargo bike drivers and commuters. Customers who use Laka are not required to pay upfront premiums and are instead charged on the cost of claims submitted by the collective of customers from the previous month.

The company handles all the claims and divides the cost fairly and also limits each customer’s maximum monthly spend with a cap based on the value of the equipment that has been insured by each individual member.

According to Laka, it will use the new funding to help it expand over Europe and will launch in Belgium, France and Germany in the first half of 2022. It will also expand its product offering to e-mopeds, e-scooters and e-cars to serve partnerships across Europe.

Laka will also double its remote-first workforce and offer collaboration hubs across Europe to support its growth.

Laka co-founder and CEO Tobias Taupitz said, “E-mobility is redefining transport globally, and Laka has set out to build the backbone to support the e-mobility segment at a time when ‘Net Zero Emissions’ has rightly become front of mind for consumers, businesses and government policy. To support this shift towards a greener future, we have a bold vision to become the world’s largest e-mobility insurance partner.”

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