7 years ago

Laka Raises $1.5M Seed Funding to Expand Crowd Insurance Model

  • Laka, a London-based insurtech startup offering “crowd insurance” for high-end bicycle owners, has raised $1.5 million in seed funding

  • The round is led by publicly-listed Tune Protect Group, with participation from Silicon Valley’s 500 Startups

  • The funding will be used to enter new insurance categories and for international expansion, including South East Asia

  • Laka’s unique insurance model sees customers only pay for the true cost of cover, with the individual’s maximum premium capped at the “market rate”

  • If there is no claim, the premium that month is zero

  • To date, the startup says it has saved customers more than 80 percent compared to market prices.

      • ProblemFinancial Services

      "Traditional insurance companies charge high premiums, even if you don't make a claim. You are paying for the risk of others, not just your own."

      Solution

      "Laka offers 'crowd insurance' where you only pay for the claims that are made. If no claims are made, you pay nothing. The maximum you pay is capped at the 'market rate'."

      Covered on