Porsche Ventures has invested $1.5m (£1.2m) into British cycling insurance provider Laka as part of a wider $13.5m (£10.9m) Series A funding round.
Headquartered in London, the company is an insurance platform for cycling and electric vehicles. It plans to offer e-scooter, e-moped and electric car insurance in the future and will use the fresh capital to fund its growth across Europe.
Patrick Huke, head of Porsche Ventures, Europe and Israel, said: “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.”
The Series A round was led by Autotech Ventures alongside Ponooc, ABN and AMRO Ventures.
“E-mobility is redefining transport globally, and Laka has set out to build the backbone to support the e-mobility segment at a time when “Net Zero Emissions” has rightly become front of mind for consumers, businesses and government policy,” said Tobias Taupitz, CEO and co-founder, Laka.
Recently bike and scooter subscription service Bike Club raised £16.75m in its Series B round.