LONDON (BRAIN) — E-mobility insurance company Laka has secured funding from Porsche Ventures, bringing its Series A investment to $13.5 million.
Laka said in a news release that it will use the new capital and network opportunities to help its European expansion in e-scooters, e-mopeds, and eventually electric cars to better serve European partnerships, including manufacturers, retailers, and leasing businesses.
The funding is led by Autotech Ventures and Pon Holdings' Ponooc Investment B.V., which focuses on sustainable energy and mobility solutions, and Dutch bank ABN AMRO. An angel investment in Laka also came from Zwift CEO and cofounder Eric Min in January.
Pon Holdings also is the parent of several bike brands, including Cannondale, Schwinn, Cervelo and Santa Cruz. Porsche recently announced it acquired the remaining 80% of shares in German e-bike drive system Fazua GmbH.
"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," said Patrick Huke, head of Porsche Ventures in Europe and Israel.
Laka said it will explore opportunities within the Porsche Ventures portfolio to support the e-mobility segment, initially partnering with German cycling brand Cyklaer to offer new and existing customers built-in digital insurance products. Cyklaer will join Laka partners Decathlon, Raleigh, Le Col, Santander Consumer Finance, and UK online bank Monzo. The partnerships enable the brands to provide end to end digital experience by protecting their customers from theft and damage at the point of sale.
"To support this shift towards a greener future, we have a bold vision to become the world's largest e-mobility insurance partner," said Tobias Taupitz, Laka CEO and co-founder.
