Laka Insurance

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Laka
Industry Insurance
Founder(s)
  • Ben Allen
  • Jens Hartwig
  • Tobias Taupitz
Website laka.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" (in en). https://lbbonline.com/news/what-can-we-learn-from-the-rise-of-insurtech-brand-laka. Retrieved 3 May 2024. 
  2. ↑ Schaik, Jan-Willem van (23 June 2022). "Porsche Ventures invests in bicycle insurance disruptor Laka" (in en). https://www.bike-eu.com/43132/porsche-ventures-invests-in-bicycle-insurance-disruptor-laka. Retrieved 3 May 2024. 
  3. ↑ "Porsche invests £1.2 million in cycling insurer Laka" (in en). https://www.insurancebusinessmag.com/uk/news/technology/porsche-invests-1-2-million-in-cycling-insurer-laka-410992.aspx. Retrieved 3 May 2024. 
  4. ↑ Ruel2022-01-26T16:21:00+00:00, Clare. "Laka raises $12m to build e-mobility insurtech in Europe" (in en). https://www.insurancetimes.co.uk/news/laka-raises-12m-to-build-e-mobility-insurtech-in-europe/1440125.article. Retrieved 3 May 2024. 
  5. ↑ "UK Bicycle Insurtech Laka Announces Equity Crowdfunding Campaign on Seedrs". https://www.crowdfundinsider.com/2020/11/168735-uk-bicycle-insurtech-laka-announces-equity-crowdfunding-campaign-on-seedrs/. Retrieved 3 May 2024. 
  6. ↑ Morley, Rebecca (23 June 2022). "Bicycle insurance company Laka receives investment from Porsche Ventures". https://bikebiz.com/bicycle-insurance-company-laka-receives-investment-from-porsche-ventures/. Retrieved 3 May 2024. 
  7. ↑ Morley, Rebecca (27 April 2020). "Laka adds Hiscox and Barnes to leadership team". https://bikebiz.com/laka-adds-barnes-and-hiscox-to-leadership-team/. Retrieved 3 May 2024. 
  8. ↑ "British Insurance Awards 2019: Insurance Start-Up Award - Laka - Insurance Post" (in en). 11 July 2019. https://www.postonline.co.uk/people/4251431/british-insurance-awards-2019-insurance-start-up-award-laka. Retrieved 3 May 2024. 
  9. ↑ "Bike insurance startup Laka nabs Series A ahead of European expansion". https://fintech.global/2022/06/24/bike-insurance-startup-laka-nabs-series-a-ahead-of-european-expansion/. Retrieved 3 May 2024. 
  10. ↑ "Ragged Edge's 'clubbed together' rebrand of Laka, a community-based insurer of cyclists" (in en). 26 June 2020. https://www.creativeboom.com/inspiration/ragged-edges-clubbed-together-rebrand-of-laka-a-community-based-insurer-of-cyclists/. 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". https://bikebiz.com/bike-insurance-company-laka-partners-with-decathlon-to-deter-thieves-with-new-connected-tech-solution/. Retrieved 3 May 2024. 
  12. ↑ "Laka insurance partners with the German Cycling Federation". https://cyclingindustry.news/laka-insurance-partners-with-the-german-cycling-federation/. Retrieved 3 May 2024. 
  13. ↑ Delves, Joseph (7 February 2020). "Bicycle insurance specialist Laka secures £3.6 million in seed capital" (in en). https://www.cyclist.co.uk/news/bicycle-insurance-specialist-laka-secures-3-6-million-in-seed-capital. Retrieved 3 May 2024. 
  14. ↑ Blackham, Daniel (30 June 2023). "Laka partners with Sigma Sports to provide insurance at point of sale". https://bikebiz.com/laka-partners-with-sigma-sports-to-provide-insurance-at-point-of-sale/. Retrieved 3 May 2024. 
  15. ↑ "Laka partners with cargo bike subscription provider Dockr". https://cyclingindustry.news/laka-partners-with-dockr-cargo-bike-subscription-provider/. Retrieved 3 May 2024. 
  16. ↑ "Mobility insurtech firm Laka raises €7.6M and acquires French e-bike insurance broker Cylantro". https://tech.eu/2023/10/24/mobility-insurtech-firm-laka-raises-eur76m-and-acquires-cylantro/. Retrieved 3 May 2024. 
  17. ↑ Blackham, Daniel (24 October 2023). "Laka acquires French e-bike insurance broker Cylantro". https://bikebiz.com/laka-acquires-french-e-bike-insurance-broker-cylantro/. Retrieved 3 May 2024. 
  18. ↑ "London insurtech Laka scores €7.6M, acquires French e-bike broker Cylantro — TFN" (in en). 25 October 2023. https://techfundingnews.com/london-insurtech-laka-scores-e7-6m-acquires-french-e-bike-broker-cylanto/. Retrieved 3 May 2024. 
  19. ↑ "InsurTech Laka pedals ahead with $8m funding and strategic acquisition". 24 October 2023. https://fintech.global/2023/10/24/insurtech-laka-pedals-ahead-with-8m-funding-and-strategic-acquisition/. Retrieved 3 May 2024. 
  20. ↑ Keane, Jonathan. "E-Bike Insurer Laka Secures $8 Million And Scoops Up Rival" (in en). https://www.forbes.com/sites/jonathankeane/2023/10/24/e-bike-insurer-laka-secures-8-million-and-scoops-up-rival/. 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". https://www.eu-startups.com/2023/10/london-based-insurtech-laka-bags-e7-6-million-to-boost-transition-to-greener-modes-of-transport/. Retrieved 3 May 2024. 
  22. ↑ "ABN AMRO Ventures invests in e-mobility insurtech company Laka". https://www.abnamro.com/en/news/abn-amro-ventures-invests-in-e-mobility-insurtech-company-laka. Retrieved 3 May 2024. 
  23. ↑ "Sponsored: How Laka is transforming bike insurance" (in en). 15 June 2022. https://www.cyclist.co.uk/sponsored/laka-bike-insurance. Retrieved 3 May 2024. 
  24. ↑ Tucker, Charlotte (6 February 2020). "London-based Laka raises €4.2 million to expand its bicycle insurtech across EU". https://www.eu-startups.com/2020/02/london-based-laka-raises-4-2-million-to-move-hq-to-amsterdam-and-expand-bicycle-insurance-across-eu/. Retrieved 3 May 2024. 
  25. ↑ "Ragged Edge Rebrands Laka to Turn the Industry on Its Head" (in en). 27 June 2020. https://www.dexigner.com/news/33170. Retrieved 3 May 2024. 
  26. ↑ Ben-Hutta, Avi (26 January 2022). "Laka raises $12 million" (in en). https://www.coverager.com/laka-raises-12-million/. Retrieved 3 May 2024. 
  27. ↑ "Laka CEO Taupitz wants insurtech to become 'global green mobility leader' after $12m Series A raise - Insurance Post" (in en). 26 January 2022. https://www.postonline.co.uk/commercial/7924416/laka-ceo-taupitz-wants-insurtech-to-become-global-green-mobility-leader-after-12m-series-a-raise. Retrieved 3 May 2024. 
  28. ↑ "Laka rolls out Zurich-backed 'Recovery' product" (in en). https://www.insurancebusinessmag.com/uk/news/breaking-news/laka-rolls-out-zurichbacked-recovery-product-226083.aspx. Retrieved 3 May 2024. 
  29. ↑ O'Hear, Steve (7 June 2018). "Laka raises $1.5M seed to take its 'crowd insurance' model beyond bicycles". https://techcrunch.com/2018/06/07/laka/. Retrieved 3 May 2024. 
  30. ↑ "Porsche invests in British cycling insurance provider Laka". 24 June 2022. https://www.uktech.news/fintech/porsche-laka-20220624. Retrieved 3 May 2024. 
  31. ↑ "London-based Laka raises €4.29M with an aim to transform bicycle insurance industry | Silicon Canals". 7 February 2020. https://siliconcanals.com/crowdfunding/london-laka-funding-transform-bicycle-insurance-industry/. Retrieved 3 May 2024. 
  32. ↑ "Laka launch Cycling Industry discount offer; Laka Pro". https://cyclingindustry.news/laka-launch-cycling-industry-discount-offer-laka-pro/. Retrieved 3 May 2024. 
  33. ↑ Heathman, Amelia (30 September 2020). "Getting bike insurance needn't be so boring" (in en). https://www.standard.co.uk/news/tech/bike-insurance-laka-startup-a4558581.html. Retrieved 3 May 2024. 
  34. ↑ "Bicycle thief, no more! Insurance disruptor Laka rides away with $1.5 million from Porsche". 23 June 2022. https://tech.eu/2022/06/23/bicycle-insurance-disruptor-laka-rides-away-with-15-million-from-porsche-ventures/. Retrieved 3 May 2024. 
  35. ↑ published, Tom Davidson (12 February 2024). "Cyclists advised to double up on locks as bike thefts rise" (in en). https://www.cyclingweekly.com/news/cyclists-advised-to-double-up-on-locks-as-bike-thefts-rise. Retrieved 3 May 2024. 
  36. ↑ Mclaughlin, Aimee (29 June 2020). "The cycling community clubs together in Laka’s new identity" (in en-UK). https://www.creativereview.co.uk/laka-rebrand/. Retrieved 3 May 2024. 
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