Laka raised $12M series A in a round led by Autotech Ventures.

Laka, a London, UK-based insurance startup for the cycling market, announced closing series A at $12 million.

The money was raised from multiple investors led by Autotech Ventures, and joined by the Dutch from Ponooc and ABN AMRO Ventures, as well as Creandum, LocalGlobe, 1818 Ventures and Elkstone Partners. The deal included angel contributions from Eric Min, Zwift's CEO and co-founder.

Laka, founded in 2017 by Tobi Taupitz (CEO), Jens Hartwig and Ben Allen, is selling insurance products targeted for the cycling market. Its first product insures bicycles and cycling equipment against theft or damage, and was sold to about 5,000 cyclists from the UK. Unlike the traditional actuarial model of insurance, which incentivises the insurer to maximise profit by settling as few claims as possible, Laka customers work together as a community and share the cost of claims - they include retail and commercial customers ranging from enthusiast cyclists and commuters to e-cargo bike drivers and delivery fleet riders.

Laka previously raised $4.7 million in 2020 out of a total of more than 6.5 million.