Porsche invests in British cycling insurance provider Laka

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 the front of mind for consumers, businesses and government policy,” he said. Tobias Taupitz, CEO and co-founder, Laka.

Recently bike and scooter subscription service Bike Club raised £ 16.75m in its Series B round.

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