Insurtech Laka, founded in London in 2017, has annonced investment led by Achmea Innovation Fund as part of its strategic move towards fostering smart and sustainable mobility solutions.
Laka, as a European micromobility insurer, offers an array of insurance and circular economy services tailored to e-bike riders, cyclists, and businesses across multiple European countries, including the Netherlands.
Laka is fully licensed under EU regulations, allowing them to operate across various European countries. This ensures compliance with local laws and provides a consistent level of service across borders (see How Technologies Will Shape Autonomous Mobility & Insurance?).
Based in Amsterdam, insurtech positions itself strategically within one of the most bike-friendly cities in the world, which supports its mission and business operations.
With an insured portfolio exceeding €140 mn in bicycles and e-bikes, Laka’s innovative approach centers around collective-driven insurance for various micromobility devices.
This model involves a community of cyclists united by their shared interest in safeguarding their bikes. Monthly claims are distributed among the collective, ensuring that individual premiums remain fair and transparent, fluctuating based on actual usage and claims.
Laka has forged strategic partnerships with leading retailers and brands, integrating insurance seamlessly at the point of sale.
Recent collaborations with prominent industry players like Gazelle, Urban Arrow, Decathlon, and Riese & Müller have further bolstered Laka’s outreach, facilitating efficient access to insurance for cyclists.
By capitalising on the burgeoning trend of embedded insurance, Laka aims to enhance accessibility and affordability while advancing the broader agenda of promoting sustainable mobility solutions.
In the upcoming phase of expansion, Achmea Innovation Fund’s investment also aligns with Laka’s recent extension of its investment round, spearheaded by impact investor Shift4Good, alongside existing backers Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures, and Elkstone Partners.
In a world where the demand for green and healthy transport options continues to rise but electric bicycles are also becoming increasingly expensive, Laka is at the forefront with innovative solutions
Katharina Maas, Fund Manager Achmea Innovation Fund
Laka also offer services to recover stolen bikes, and they help cyclists get back on the road quickly after theft or damage.
Achmea invests in Laka because of the attractive possibilities of embedded insurance and the synergy with business activities.
In 2020, Laka secured $4.7 mn 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.
We’re welcome Dutch insurer Achmea to join Laka’s ride. Their investment is testament to the strength of our embedded proposition and will support Laka’s growth across Europe in Green mobility
Tobias Taupitz, CEO and co-founder Laka
“We look forward to working with the Achmea Innovation Fund team and the broader organisation to create outstanding customer value. In addition, we welcome Henrieke Hoftijzer to join our board”, Tobias Taupitz, says.
Laka was founded with the mission to transform traditional insurance models by focusing on community and collective benefits. The company advocates for a fair and transparent approach where costs are shared and incentives are aligned between the insurer and the insured.
Laka leverages technology to streamline claims processes and customer interactions. This includes quick photo-based claims filing and AI-driven tools to assess claim validity and value.
The company collaborates with bike shops and manufacturers to not only offer repairs and replacements but also to foster a stronger cycling community.
by Peter Sonner
