As part of a Series A extension, enabling the German expansion, Laka announced additional funding from Porsche Ventures, the venture capital unit of Porsche AG.
This brings its Series A funding – led by Autotech Ventures and followed by Ponooc, a Dutch sustainable mobility investor with close ties to the world’s largest bicycle seller, Pon, and ABN AMRO – to $13.5 million. Laka will use the new capital and network opportunities to facilitate its European expansion.
In the absence of a major European player in bicycle and e-mobility insurance, Laka occupies a unique position and is the first on the market with an insurance model that integrates the interests of customers. Laka will expand its product offering to electric scooters, electric mopeds and eventually electric cars to better serve Europe-wide partnerships including manufacturers, retailers and leasing companies.
About the investment, said Patrick Huke, Head of Porsche Ventures, Europe and Israel; “The increasing digitization and the variety of sustainable mobility offers drive the need for an innovative and customer-centric offer in the field of digital insurance. With the investment in Laka, we are pleased to support a strong team that approaches the global insurance market with a unique, highly adaptable and digital business model that focuses on customer experience first and foremost.
Laka will explore opportunities with the Porsche Ventures portfolio to build the backbone to support the electric mobility segment. Initial partnership with German cycling brand Cyklaer to offer new and existing customers integrated digital insurance products.
Cyklaer will join Laka’s partners, which include the world’s largest sports retailer, Decathlon, iconic cycling brands Raleigh and Le Col, as well as Santander Consumer Finance and Monzo. Partnerships enable brands to deliver end-to-end digital experiences by immediately protecting their customers from theft and damage at the point of sale.
Tobias Taupitz, CEO and Co-Founder of Laka, said, “2021 has truly represented an inflection point for Laka as we transitioned from pure direct-to-consumer gaming into retail and commercial partnerships.
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. To support this transition to a greener future, we have a bold vision to become the world’s largest electric mobility insurance partner. »
Already insures several of the UK’s leading last mile delivery companies, such as Zapp and Urbit. Laka is also expanding to cover commercial fleets Europe-wide, where companies reorienting their fleet towards greener transport and electric mobility are underserved by traditional insurers.
Porsche Ventures has joined the list of existing investors, including Autotech Ventures, Ponooc, ABN AMRO Ventures, Creandum, LocalGlobe, 1818 Ventures and Elkstone Partners.
Notably, confidence in Laka has been demonstrated by global cycling industry leaders, with an angel investment coming from Zwift CEO and co-founder Eric Min in January 2022.
For Porsche, this latest investment in the cycling industry follows a number of high-profile partnerships and acquisitions, including
The brand has a long-standing relationship with Storck Bikes, which recently entered into a partnership in the development of the e-bike brand, Cyklær, winner of the 2022 reddot “Best of the Best” design award.
For those wishing to further explore automotive industry investments in the cycling industry, click here.
For a brief overview of the rapid evolution of electric mobility and what is driving the automotive and cycling industry’s interest in these emerging forms of transportation, click here.