Green mobility insurer Laka garners $10.4m in Series B round
The company intends to use the investment to extend its operations across nine EU markets and the UK.
The funding round was co-led by investment entities Shift4Good and MS&AD Ventures.
It also saw participation from a diverse group of investors, including Ponooc, Achmea Innovation Fund, Autotech Ventures, Motive Partners, Creandum, LocalGlobe, 1818 Ventures, and Republic.
Laka CEO and co-founder Tobias Taupitz said: 'Reaching this milestone marks a pivotal moment in Laka's journey - it's a testament to the trust we've built with riders, retailers, and corporate partners across Europe.
'This new financing will enable us to deepen that trust, expand our category-defining role in green mobility insurance, and build towards profitability, while pursuing further acquisitions that consolidate this fragmented market.'
Laka also noted that it is in the process of finalising a debt financing arrangement to support its ongoing merger and acquisition strategy.
It also indicated plans to pursue an additional extension round in 2025.
Over the past 18 months, Laka has executed three mergers and acquisitions, including the purchase of Luko's e-scooter portfolio from Allianz Direct, the bike insurance renewal rights from CoverCloud, and the acquisition of Cylantro.
Furthermore, the company also provides personal liability, health and recovery insurance, and services for commercial partners.
Beyond its insurance products, Laka offers services that include assistance in the recovery of stolen or damaged bikes and e-scooters, replacement of stolen bikes, and the salvaging and recycling of bike parts.
"Green mobility insurer Laka garners $10.4m in Series B round " was originally created and published by Life Insurance International, a GlobalData owned brand.
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