Laka Insurance

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Laka
IndustryInsurance
Founded2017; 7 years ago (2017)
Founder
  • Ben Allen
  • Jens Hartwig
  • Tobias Taupitz
HeadquartersLondon, United Kingdom
Websitelaka.co

Laka is an online platform providing insurance solutions for cyclists.[1][2][3][4][5]

History

Laka was founded in 2017 in London, England, by co-founders Ben Allen, Jens Hartwig, and Tobias Taupitz.[6] The company is a peer-to-peer bicycle insurance platform, offering coverage for theft, vandalism, damage, and loss.[7][8] The company covers cyclists in the United Kingdom, the Netherlands, Belgium, France, and Germany.[9][10]

In February 2022, Laka collaborated with sports retailer Decathlon to offer an anti-theft system for Decathlon's connected electric bikes.[11][12][13] Other notable commercial partners include Monzo, Sigma Sports,[14] Fully Charged, Dockr,[15] and DASH.

In October 2023, Laka acquired Cylantro, a French e-bike insurance broker.[16][17][18][19]

Funding

Laka has raised a total of $31.6 million over eight funding rounds. In June 2018, Laka secured $1.5 million in seed funding led by Tune Protect Group with participation from 500 startups.[20]

In February 2020, Laka raised $4.7 million, led by LocalGlobe and Creandum, alongside Yes VC and angel investors.[21]

In January 2022, Laka received a $13.5 million investment in a Series A round from Autotech Ventures, Ponooc, and ABN AMRO.[22]

In October 2023, Laka secured $8 million led by Shift4Good, with participation from Autotech Ventures, Porsche Ventures, Creandum, Ponooc, and Elkstone Partners.

Pricing model

Laka operates on a collective-based insurance model where claims are settled first and costs are shared among members at the end of each month.[23][24][25] The monthly fee is determined based on the claims made by other Laka customers, ensuring fair cost sharing and transparency on maximum monthly costs.[26][27]

Products

Laka offers two main insurance plans: Pro and Core.[28] Pro provides comprehensive coverage for accidental damage, roadside recovery, worldwide coverage, race damage, emergency travel expenses, and third-party cycling liability.[29] Core focuses on theft cover for bikes and accessories, along with third-party liability.[30][31][32]

Laka also offers Health and Recovery insurance,[33] their take on Accident and Injury Insurance which is designed specifically for cyclists.[34][35][36]

References

  1. ↑ "What Can We Learn from the Rise of Insurtech Brand Laka? | LBBOnline". lbbonline.com. Retrieved 3 May 2024.
  2. ↑ Schaik, Jan-Willem van (23 June 2022). "Porsche Ventures invests in bicycle insurance disruptor Laka". www.bike-eu.com. Retrieved 3 May 2024.
  3. ↑ "Porsche invests £1.2 million in cycling insurer Laka". www.insurancebusinessmag.com. Retrieved 3 May 2024.
  4. ↑ Ruel2022-01-26T16:21:00+00:00, Clare. "Laka raises $12m to build e-mobility insurtech in Europe". Insurance Times. Retrieved 3 May 2024.
  5. ↑ "UK Bicycle Insurtech Laka Announces Equity Crowdfunding Campaign on Seedrs". crowdfundinsider.com. Retrieved 3 May 2024.
  6. ↑ Morley, Rebecca (23 June 2022). "Bicycle insurance company Laka receives investment from Porsche Ventures". BikeBiz. Retrieved 3 May 2024.
  7. ↑ Morley, Rebecca (27 April 2020). "Laka adds Hiscox and Barnes to leadership team". BikeBiz. Retrieved 3 May 2024.
  8. ↑ "British Insurance Awards 2019: Insurance Start-Up Award - Laka - Insurance Post". www.postonline.co.uk. 11 July 2019. Retrieved 3 May 2024.
  9. ↑ "Bike insurance startup Laka nabs Series A ahead of European expansion". fintech.global. Retrieved 3 May 2024.
  10. ↑ "Ragged Edge's 'clubbed together' rebrand of Laka, a community-based insurer of cyclists". Creative Boom. 26 June 2020. Retrieved 3 May 2024.
  11. ↑ Morley, Rebecca (17 February 2022). "Bike insurance company Laka partners with Decathlon to deter thieves with new connected tech solution". BikeBiz. Retrieved 3 May 2024.
  12. ↑ "Laka insurance partners with the German Cycling Federation". cyclingindustry.news. Retrieved 3 May 2024.
  13. ↑ Delves, Joseph (7 February 2020). "Bicycle insurance specialist Laka secures £3.6 million in seed capital". Cyclist. Retrieved 3 May 2024.
  14. ↑ Blackham, Daniel (30 June 2023). "Laka partners with Sigma Sports to provide insurance at point of sale". BikeBiz. Retrieved 3 May 2024.
  15. ↑ "Laka partners with cargo bike subscription provider Dockr". cyclingindustry.news. Retrieved 3 May 2024.
  16. ↑ "Mobility insurtech firm Laka raises €7.6M and acquires French e-bike insurance broker Cylantro". tech.eu. Retrieved 3 May 2024.
  17. ↑ Blackham, Daniel (24 October 2023). "Laka acquires French e-bike insurance broker Cylantro". BikeBiz. Retrieved 3 May 2024.
  18. ↑ "London insurtech Laka scores €7.6M, acquires French e-bike broker Cylantro — TFN". Tech Funding News. 25 October 2023. Retrieved 3 May 2024.
  19. ↑ "InsurTech Laka pedals ahead with $8m funding and strategic acquisition". FinTech Global. 24 October 2023. Retrieved 3 May 2024.
  20. ↑ Keane, Jonathan. "E-Bike Insurer Laka Secures $8 Million And Scoops Up Rival". Forbes. Retrieved 3 May 2024.
  21. ↑ Marzo, Stefano De (24 October 2023). "London-based insurtech Laka bags €7.6 million to boost transition to greener modes of transport". EU-Startups. Retrieved 3 May 2024.
  22. ↑ "ABN AMRO Ventures invests in e-mobility insurtech company Laka". www.abnamro.com. Retrieved 3 May 2024.
  23. ↑ "Sponsored: How Laka is transforming bike insurance". Cyclist. 15 June 2022. Retrieved 3 May 2024.
  24. ↑ Tucker, Charlotte (6 February 2020). "London-based Laka raises €4.2 million to expand its bicycle insurtech across EU". EU-Startups. Retrieved 3 May 2024.
  25. ↑ "Ragged Edge Rebrands Laka to Turn the Industry on Its Head". www.dexigner.com. 27 June 2020. Retrieved 3 May 2024.
  26. ↑ Ben-Hutta, Avi (26 January 2022). "Laka raises $12 million". Coverager - Insurance news and insights. Retrieved 3 May 2024.
  27. ↑ "Laka CEO Taupitz wants insurtech to become 'global green mobility leader' after $12m Series A raise - Insurance Post". www.postonline.co.uk. 26 January 2022. Retrieved 3 May 2024.
  28. ↑ "Laka rolls out Zurich-backed 'Recovery' product". www.insurancebusinessmag.com. Retrieved 3 May 2024.
  29. ↑ O'Hear, Steve (7 June 2018). "Laka raises $1.5M seed to take its 'crowd insurance' model beyond bicycles". TechCrunch. Retrieved 3 May 2024.
  30. ↑ "Porsche invests in British cycling insurance provider Laka". UKTN. 24 June 2022. Retrieved 3 May 2024.
  31. ↑ "London-based Laka raises €4.29M with an aim to transform bicycle insurance industry | Silicon Canals". siliconcanals.com. 7 February 2020. Retrieved 3 May 2024.
  32. ↑ "Laka launch Cycling Industry discount offer; Laka Pro". cyclingindustry.news. Retrieved 3 May 2024.
  33. ↑ Heathman, Amelia (30 September 2020). "Getting bike insurance needn't be so boring". Evening Standard. Retrieved 3 May 2024.
  34. ↑ "Bicycle thief, no more! Insurance disruptor Laka rides away with $1.5 million from Porsche". Tech.eu. 23 June 2022. Retrieved 3 May 2024.
  35. ↑ published, Tom Davidson (12 February 2024). "Cyclists advised to double up on locks as bike thefts rise". cyclingweekly.com. Retrieved 3 May 2024.
  36. ↑ Mclaughlin, Aimee (29 June 2020). "The cycling community clubs together in Laka's new identity". Creative Review. Retrieved 3 May 2024.
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