Insurtech start-up Laka raises $1.5m in seed funding

London-based insurtech start-up Laka, which that offers what it calls crowd insurance for 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 company said the money will be used to enter new insurance categories and for international expansion, including South East Asia.

Founded in 2017, Laka has developed what it claims is a unique insurance model that sees customers only pay for the true cost of cover. At the end of each month, the cost of any claims is split fairly between customers, with the individual’s maximum premium capped at the “market rate”. If there is no claim, the premium that month is zero.

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