Porsche invests in British bicycle insurer Laka

Porsche Ventures has invested $1.5m (£1.2m) in UK cycling insurance provider Laka as part of a wider $13.5m Series A funding round ( £10.9 million).

Based in London, the company is an insurance platform for bicycles and electric vehicles. It plans to offer insurance for electric scooters, electric mopeds and electric cars in the future and will use the new capital to finance its growth across Europe.

Patrick Huke, Head of Porsche Ventures, Europe and Israel, said: “With the investment in Laka, we are delighted to support a strong team that approaches the global insurance market with a unique, highly adaptable and digital business model. , which focuses above all on the customer experience.

Laka partners with the German cycling brand Cyklaer to offer its customers its insurance products. Current partners of the company include Santander Consumer Finance and Monzo.

Series A was led by Autotech Ventures alongside Ponooc, ABN and AMRO Ventures.

“E-mobility is redefining transportation globally, and Laka set out to build the backbone to support the e-mobility segment at a time when ‘Net Zero Emissions’ has rightly become a priority for consumers, businesses and government policy,” said Tobias Taupitz, CEO and Co-Founder, Laka.

Recently, subscription service for bicycles and scooters Bike Club raised £16.75 million during its Series B round.

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