Laka

Previously known as Insure A Thing, Laka provide insurance cover for bicycles and ebikes on theft, damage and loss. Laka calculates what is spent on claims per month, and shares that cost – up to personal, predetermined caps – amongst members. Whilst this means changing prices month on month for customers, it gets rid of unused safety margins. As of February 2020, Laka has over 5,000 insured members.

Laka previously found investment through StartUp BootCamp and EOS Venture Partners. They also took part in 2017’s FCA Sandbox, enabling the venture to further test their product. Niccolò Gamaleri, Vice President FIG M&A at Barclay’s Capital, serves as an investor.

In 2018, it was revealed Laka would be one of ten startups taking part in the second edition of the 12-week SuperCharger FinTech Accelerator Programme. The result of an ongoing partnership with Allianz Malaysia and the Malaysia Digital Economy Corporation, the programme looks to help international companies enter into Southeast Asian markets and Malaysian companies expand regionally.

In February 2020 Laka announced they had raised $4.7m in funding, led by Creandum and Local Globe. The money is being used to continue its growth and finance its expansion across Europe. The company are launching a European HQ in the Netherlands later in 2020, and are building out their team in London, Bristol and Malaysia. The funding will also go towards building out their product set, including a recovery and health product for cyclists who have experienced an injury.

In June 2020 the company launched the aforementioned recovery product. Priced at £11pm, and backed by Zurich, the accident and injury policy also offers specialist advice, psychological treatment, and more, and also covers hiking, skiing, and surfing.

In October 2020, Laka announced they were launching a crowdfunding round on Seedrs ahead of their Series A in 2021.

Laka closed its crowdfunding campaign at £2.1m, exceeding its £1m investment target within 21 hours of going live. The recent investment has helped catapult Laka into Europe. Laka has opened their Pan-European HQ in Amsterdam and recently launched Laka Collective Insurance in the Netherlands, with backing from the Dutch insurance giant Nationale-Nederlanden.

In August 2021 Laka launched last-mile delivery companies with tailored commercial rider cover, addressing the rising demand for commercial bike insurance by gig workers. Laka's clients include Dash, EAV, Zapp and Randstad.

In January 2022 Laka raised $12M in a Series A funding round. The new funding comes following a huge growth of the e-mobility sector globally as consumers start to look for greener ways of transportation, fuelling the need for bike insurance.

In June 2022 Laka raised further funding from Porsche Ventures, bringing the total Series A funding to $13.5M. Laka says it will be collaborating with Porsche Ventures to “build the backbone to support the e-mobility segment.”

In August 2022 Laka announced a partnership with Le Col, a professional cycling clothing brand, to offer an integrated and full digital insurance coverage to Le Col's customers, as well as improve customer experience. The policy will be first launched in the UK and the Netherlands, although there are plans to expand further across Europe.

During November 2022 the company partnered with electric bike manufacturer Volt to provide its riders with access to Laka's collective scheme.

CEO Tobias Taupitz and CTO Ben Allen both have previous experience of working within insurance and FinTech companies, including Barclays, KPMG and Advance Global Capital Ltd. Jens Hartwig, co-founder and CPO, previously worked for StartUp BootCamp InsurTech as COO.