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Laka outlines plans with latest capital raise

Laka outlines plans with latest capital raise | Insurance Business

Laka outlines plans with latest capital raise

Expansion, expansion, expansion is what it’s all about for UK-based digital mutual insurer Laka, which is currently hiring and has completed a US$4.7 million (around £3.6 million) funding round led by venture capital firms LocalGlobe and Creandum.

“This investment will help us continue our growth and finance our expansion across Europe,” said Laka chief executive and co-founder Tobias Taupitz, whose business welcomed industry hotshot Amanda Blanc to its board of directors in January.

“Our Continental European HQ will be in the Netherlands, where we will launch this year. To be expanding our insurance model into Europe, from our base in the UK, is something we’re proud to be doing.”

Read about how Laka works here

Part of the money will go towards broadening the bike insurer’s product set. Taupitz said new offerings will include a recovery and health product aimed at taking care of injured cyclists or those who figure in accidents.

The CEO added: “We are also building out our team to grow the community and provide an even better experience. Starting out with three of us in a shared working space, we are now a team of 19 and counting, with our own office in Aldgate and a tech team in Bristol.

“Our team out in Malaysia is flying the Laka flag out East, but more on this soon.”

Current vacancies in the UK include those for a product designer and MBA interns.