Laka Acquires Cylantro and Secures Funding for Growth
The leading mobility impact VC, Shift4Good, joins mobility investors Autotech Ventures, Porsche Ventures & Ponooc, as well as generalists Creandum & LocalGlobe, and moreLaka provides a range of insurance and circular economy services to e-bike riders, enthusiast cyclists and companies – insuring over £100 million worth of bikes & e-bikes. Laka’s key product is a collective-based insurance offering, where customers pay no upfront premiums – each month’s claims are shared amongst a collective of cyclists. Alongside this, Laka offers an array of personal liability, health & recovery, and commercial insurance products. Laka is doubling down on growth, as sales of e-bikes in Europe are expected to outstrip annual car sales by 2025. Cylantro’s CEO and founder Thomas Arnou will join Laka to lead in France.
London, UK – 24th October 2023 – Laka, the European mobility insurtech providing a range of insurance and circular economy services to e-bike riders, enthusiast cyclists and companies, today announces the acquisition of Cylantro, a French e-bike insurance broker.
Laka is also today announcing its latest funding round to build upon its leadership of the Green Mobility category. The equity + debt round of €7.6m, was led by leading impact investor Shift4Good alongside existing investors Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures & Elkstone Partners. Previous angel investors include Zwift CEO and co-founder, Eric Min.
Laka’s main offering is collective-driven insurance – with its flagship product being award-winning bike, e-bike and e-cargo bike insurance – alongside other products such as personal liability, health & recovery and solutions for commercial partners. Laka uses a collective-driven insurance model to make insurance fair. Each month’s claims are shared amongst Laka’s collective of cyclists, so the monthly bill varies up to a guaranteed cap. Now cyclists only pay for what’s needed, not what’s expected. Laka has fixed what customers typically dislike about conventional insurance: long contracts, tons of fine print, and poor customer service. Whilst insurers benefit when a claim is rejected, Laka earns a success fee only when a claim is settled, and thus aligns interest with its customers. Its customer-centric approach, which comes with zero excess and monthly contracts, has resulted in 5 consecutive wins of Best Cycle Insurance Provider.
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| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 Shift4Good | 2 investments investments | 10 contacts contacts | |||
 Autotech Ventures | 6 investments investments | 8 contacts contacts | |||
 Porsche Ventures | 5 investments investments | more info | |||
 Creandum | 6 investments investments | 15 contacts contacts | |||
 LocalGlobe | 25 investments investments | 12 contacts contacts | |||
 ABN AMRO Ventures | 1 investment investment | more info | |||
 1818 Venture Capital | 9 investments investments | 2 contacts contacts | |||
 Elkstone Partners | 2 investments investments | more info |
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