Lokky to raise €1 million in capital funding.

Lokky, a Milan, Italy-based digital insurance broker, announced that it secured capital funding of approximately 1 million euro ($1.2M).

The money was raised from an undisclosed consortium of strategic private investors and will be used to accelerate growth in Italy, enhance the platform and innovate the product offer.

Lokky, founded in 2018 by CEO Paolo Tanfoglio and Sauro Mostarda, built a digital platform via which it provides insurance brokerage services, focused on micro-enterprises, professionals and freelancers. Lokky's offer covers the insurance needs of more than 200 types of micro-enterprises, professionals and freelancers, with coverage for civil liability, professional liability, legal protection, accidents, fire, theft and other damages. The proprietary algorithm - developed by Lokky data scientists - has already been tested on more than 40,000 real customers.

Prior to this round, Lokky raised roughly 600k euro in two equity rounds.