Keep calm and cycle on
- More cyclists across Europe will be able to take advantage of a collective-driven insurance model, thanks to 500-backed insurtech company Laka, which raised US$8M in a round led by French mobility fund Shift4Good with participation from Autotech Ventures, Porsche Ventures, Creandum, Ponooc, and Elkstone Partners.
- They’ve also acquired French start-up Cylantro, an e-bike insurance broker, giving the Laka team a stronger foothold in France.
- Laka’s bespoke insurance product is based on the cost of claims, where cyclists don’t pay any upfront premium.
- Co-founder & CEO Tobias Taupitz shared that Laka is expanding on the B2B2C (business-business-consumer) model of selling insurance by partnering with retailers like Decathlon to reach more cyclists.
- “I think there’s a big wide space in the European market for what we call a green mobility powerhouse. You have lots of individual local brokers that service one individual country, but nobody has solved the pain point for these bigger partners who sell bikes across territories, across borders with lots of challenges and regulatory perspectives and the like,” he explained.
- Laka is currently serving cyclists in the UK, Netherlands, Belgium, France and Germany with eyes on Denmark and Austria ahead of a wider European push.
- Tobias also revealed that the company will consider potential acquisitions in these markets to bolster their growth.
- Congratulations to the Laka team!
- Read the full story on Forbes.