Laka, the award-winning European green mobility insurance firm, announces today a Series B round of £8m, cementing its role as the category-defining insurer for e-bikes, e-scooters, and sustainable transport across nine EU markets and the UK. The round is co-led by Shift4Good and MS&AD Ventures, and backed by investors including Ponooc, Achmea Innovation Fund, Autotech Ventures, Motive Partners, Creandum, LocalGlobe, 1818 Ventures, and Republic (formerly Seedrs).
Laka’s main offering is collective-driven insurance - with its flagship product being award-winning bike, e-bike and e-cargo bike insurance - alongside other products such as personal liability, health & recovery and solutions for commercial partners. Laka uses a collective-driven insurance model to make insurance fair. Each month’s claims are shared amongst Laka’s collective of cyclists, so the monthly bill varies up to a guaranteed cap. Now cyclists only pay for what's needed, not what's expected.
Laka has fixed what customers typically dislike about conventional insurance: long contracts, pages of fine print, and poor customer service. Whilst insurers benefit when a claim is rejected, Laka earns a success fee only when a claim is settled, and thus aligns interest with its customers. Its customer-centric approach, which comes with zero excess and monthly contracts, has resulted in seven consecutive wins of Best Cycle Insurance Provider.
The £8m Series B equity raise will enable Laka to work towards profitability. Laka may seek to raise an additional extension round in 2025, focused on strategic investors. Laka will also soon complete a significant debt financing agreement in the coming months, which will fund its acquisition pipeline.
