Porsche Ventures has invested $1.5m (£1.2m) into British cycling insurance provider Laka as part of a wider $13.5m (£10.9m) Series A funding round.
Headquartered in London, the company is an insurance platform for cycling and electric vehicles. It plans to offer e-scooter, e-moped and electric car insurance in the future and will use the fresh capital to fund its growth across Europe.
Patrick Huke, head of Porsche Ventures, Europe and Israel, said: “With the investment in Laka, we are pleased to support a strong team that is addressing the global insurance market with a unique, highly adaptable and digital business model, which focuses above all on the customer experience.”
Laka is partnering with German cycling brand Cyklaer to offer its customers its insurance products. Existing partners of the company include Santander Consumer Finance and Monzo.
The Series A round was led by Autotech Ventures alongside Ponooc, ABN and AMRO Ventures.
“E-mobility is redefining transport globally, and Laka has set out to build the backbone to support the e-mobility segment at a time when “Net Zero Emissions” has rightly become front of mind for consumers, businesses and government policy,” said Tobias Taupitz, CEO and co-founder, Laka.
Recently bike and scooter subscription service Bike Club raised £16.75m in its Series B round.
- Electric car subscription service Onto raises £50m
- Big UK firms owe £2.7bn in unpaid VAT
- Thousands of post Office collection and cash delivery workers to strike on 14 July
- Euan Blair receives MBE after his company finds 5,000 apprentices jobs
- Businesses raise concerns over the cost of net zero amid energy crisis