Laka has secured $10.4 million in Series B funding as it works towards achieving profitability by the end of next year. The startup offers collective insurance for bicycles and e-scooters, allowing customers to pay variable monthly fees based on community claims, rather than fixed premiums. Laka collaborates with various retailers to provide insurance coverage. CEO Tobias Taupitz emphasizes the need for a model that gives value without overcharging customers. Despite challenges with trust and claims frequency, Laka maintains a user base of 80,000 across several European countries, with growth driven by acquisitions.
Traditional insurance is built around fixed premiums, which often means overpaying for peace of mind. With Laka, we only earn when claims are paid. We win when our community wins.
Insuring e-bikes is expensive and complicated. Traditional insurers aren't bike specialists. They often bundle bikes into the same category as gadgets or watches, not recognising that for many, a bike is a vital part of daily life.
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