Lukango, an InsurTech that offers custom insurance built around small businesses, reportedly £275,000 in its pre-seed round.
The company will use the capital injection to accelerate the development and launch of its products, according to a report from Altfi.
Founded in 2021, the soon to launch service will provide businesses with insurance that has been customised for their specific needs.
It has built an algorithm that leverages data gathered from the client to provide the perfect product and price that is fair.
Lukango CEO Joanne Safo told Altfi, “We set out to champion the underserved microbusiness community and change the face of the insurance industry, and are incredibly proud to have the backing of experienced investors that truly believe in our vision.
“Our skills in the use of technology in the insurance industry and innate strategic, scaling and execution capabilities are significant assets on our journey to better serve today’s microbusiness owners.”
Some of the early investors into Lukango are Bupa CEO Evelyn BBourke and former Nasdaq senior advisor and Inbotiqa CEO Mark Hunt.
In other InsurTech news, short-term home rental protection service Safely recently closed a funding round on $12m.
Breeze, a disability insurance company, also hit recent headlines after it partnered with The National Association of Professional Insurance Agents (PIA) to provide a turnkey disability insurance solutions.
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