Loxa Secures £125,000 Funding to Enhance Product Protection
Unlocking the Future of Product Protection: Loxa Secures £125,000 Investment!
Loxa, a pioneering Insurtech firm based in the UK, has successfully raised £125,000 through the esteemed Angel Investment Network (AIN) as part of a significant £1.69 million Seed Round. This exciting funding marks a crucial milestone for Loxa, formerly known as Bolt Cover, as they aim to redefine the product protection landscape. By integrating coverage options into the purchase journey for repairable items such as furniture, eyewear, and power tools, Loxa is poised to deliver a seamless experience for consumers and retailers alike.
Founded with the vision of becoming the UK’s leading provider in the underserved B2B2C insurance retail market, Loxa plans to utilize this recent funding to refine its technological infrastructure.
The investment will facilitate the expansion of their scalable technology, enhancing compatibility with both websites and EPOS systems. Furthermore, Loxa will strengthen its direct-to-consumer (D2C) upsell offerings, with the introduction of schemes starting with power tools. By 2026, Loxa aims to offer a compelling alternative to traditional home insurance that meets the specific needs of consumers.
As Jamie Hamer, Loxa’s founder, emphasizes, "We are on a mission to rebuild trust in repair-first insurance and unlock significant value for UK retailers." This funding journey, while challenging, has been made beneficial by partnerships with impactful investors like those from AIN. Alex Caparros, senior broker at Angel Investment Network, echoes this sentiment, commending Loxa's innovative strategies in the product protection arena. With such strong backing, Loxa is open to further strategic investments that can propel its mission forward, turning bold ambitions into reality. The future looks bright for Loxa as they set their sights on expanding their reach and driving profitability in a dynamic market.
Key Terms Explained
- Insurtech
- A combination of ‘insurance’ and ‘technology’, used to refer to companies that use technology to enhance their operations, including everything from mobile claims filing to automatic damage assessments.
- Seed Round
- Refers to the initial investment used to support the growth of a new company. This is usually provided by Angel Investors or early-stage investment funds.
- Direct-to-consumer (D2C)
- This term refers to selling products directly to customers, bypassing any third-party retailers, wholesalers, or any other middlemen.
Frequently Asked Questions
- How much funding has Loxa recently secured?-Loxa has recently secured £125,000 in funding through the Angel Investment Network.
- What is Loxa's mission using its recent investment?+
- Where does Loxa see itself in the B2B2C insurance retail market?+
- What are some initiative Loxa will undertake with the recent investment?+
- What are Loxa's plans for further funding?+
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