Bicycle insurance startup Laka has netted $13.5m in its Series A funding round as it gears up for European expansion.
Autotech Ventures served as the lead investor, with commitments also coming from Ponooc, a Dutch sustainable mobility investor, and ABN AMRO.
Porsche Ventures, Creandum, LocalGlobe, 1818 Ventures and Elkstone Partners also joined the round.
The company claims to be in a unique position and first-to-market with no major European player currently supporting the cycling and e-mobility insurance space.
Laka is looking to expand its product suite to include e-scooters, e-mopeds and, eventually, e-cars. It is also expanding to cover commercial fleets across Europe.
Laka is exploring opportunities with the Porsche Ventures portfolio.
It is initially partnering with German cycling brand Cyklaer to offer new and existing customers with digital insurance products.
The InsurTech company offers collective insurance policies for cyclists. It protects delivery fleet riders, cyclists, e-cargo bike drivers and commuters.
Its policies do not have a fixed monthly charge. Instead, premiums are calculated based on the cost of claims that month. This means payments could drop if no one claims. Maximum contributions are capped.
Laka CEO and co-founder Tobias Taupitz said, “2021 truly depicted an inflection point for Laka as we moved from a pure direct-to-consumer play towards retail and commercial partnerships.
“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.”
Earlier in the week, it was reported that InsurTech giant Wefox was eyeing a funding round in the coming weeks, which could value the company between $5bn and $6bn.
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