Cycling is an activity that is ingrained in most people since most of us grew up riding a bicycle. Many of us still use bikes to commute to work or go on cycling excursions as a way to decompress, relax and just get some exercise. Since bicycles are also great for the environment, it only makes sense to use one whenever one gets an opportunity to do so. One thing that was missing from the equation was some security for bike riders, which the startup Laka fulfilled.
Founded back in 2017, the London-based bicycle insurance company has a fresh take on insurance. The company created a better insurance model by connecting passionate cyclists all over the UK to form a community and protect their bikes. The company has now announced securing €4.29 million in its latest funding round and here’s what you need to know about it.
Notable funding round
The €4.29 million funding round for Laka was led by the venture capital firms LocalGlobe and Creandum! Yes VC, the venture fund founded by Caterina Fake, co-founder of Flickr, and Jyri Engestrom, co-founder of Jaiku and Ditto, and angel investors, Nick Evans, Chairman of Rapha, and Oren Peleg, former CEO of Fitness First, also participated in this round, amongst others.
Carl Fritjofsson, Partner at Creandum, said, “The word disruption is used all too often in the world of entrepreneurship, but with Laka it actually fits very well. This is a fundamentally unique and different approach that turns the old business model of insurers upside down. Laka truly improves the user experience 10x as well as lowers costs for its policyholders, all while providing a fair and transparent insurance coverage. What’s not to love?.”
Expansion to Europe!
Laka will be expanding its services to Europe this year and will establish its European headquarters in the Netherlands. The fresh funds will also be used by the company to build its product set that is said to further help its community remain healthy and active. A recovery and health product will be designed for Laka users that is aimed at helping cyclists who have experienced injury or accident.
Image credits: Laka
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