We are super excited to announce our $4.7m funding round, led by the stellar 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 prominent angel investors, Nick Evans (Chairman of Rapha) and Oren Peleg (former CEO of Fitness First) have also participated in this round, amongst others.
Who's Joining the Ride?
Our investors are amongst the most tech savvy innovators on the planet and have a strong track record of spotting industry-redefining companies.
Remus Brett, Partner at LocalGlobe, commented: “The beauty of Laka is it returns insurance to its pure, mutual heritage. Laka’s members and their shared interests incentivise positive behaviour which in turn benefits the entire community. These principles are over 300 years old, the difference being technology and increasing consumer awareness that traditional insurance models, with complex clauses, excesses and a painful claims process are fundamentally broken.”
Carl Fritjofsson, Partner at Creandum, concluded: “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?.”
Where Is The Money Going?
Growing The Community Across Europe
This investment will help us continue our growth and finance our expansion across Europe! Our Continental European HQ will be in the Netherlands, where we will launch this year. To be expanding our insurance model into Europe, from our base in the UK, is something we're proud to be doing.
Taking Care Of Our Community
We will also use these funds to build out our product set, so that our community can remain healthy and active, knowing they are protected.
This will include a recovery and health product (#MattHaymanRecoveryKit), designed to cater especially for cyclists who have experienced injury or accident. Finding and accessing the right services on your path of recovery can be an incredibly stressful and expensive burden.
We believe that if you break a bone or get road-rash, you deserve better care than a cheque sent to your home.
Expect a kick-ass product, designed to help you recover like a pro and to get you back out on the road or trail as early as possible.
Building Things Cyclists Love
Our community-based insurance model has been tremendously popular so far in the UK and you know what? Cyclists love it! We can boast a 99% customer satisfaction rating on Google! Here are just some of our reviews:
Growing Our Team To Support You
We are also building out our team to grow the community and provide an even better experience. Starting out with 3 of us in a shared working space, we are now a team of 21 and counting, with our own office in Aldgate and a tech team in Bristol.
We're still on the hunt for talent, so check this link to get involved!
Cheers To The Future
A big thanks to our 5,000+ insured members. Without you, we would be unable to share our message of fairer insurance that truly puts cyclists first!
Don't forget that you can help us spread the #LakaLove and earn yourself some free cover. Share your referral code today!