Laka, a green mobility insurtech, aims to accelerate its mergers and acquisitions strategy with a £6.5m debt facility from HSBC Innovation Banking.
The group raised £7.7m in a Series B round earlier this year and has added the debt funding to support its strategic acquisitions and expansion plan.
Laka has completed three acquisitions in the past two years: French e-bike insurance broker Cylantro, the e-scooter insurance portfolio of Allianz Direct’s Luko and CoverCloud’s bike insurance renewal rights.
“We’re entering the next phase of Laka’s journey, scaling from Europe’s best-known cycle insurer into the continent’s category-defining green mobility insurer,” said Tobias Taupitz, co-founder and chief executive of Laka.
“This partnership with HSBC Innovation Banking gives us the flexibility to move fast on strategic opportunities and to further consolidate a fragmented market. In a space where scale and trust matter most, Laka is clearly emerging as the natural leader.”
Laka is an insurance provider for sustainable transportation, including e-bikes and e-cargo bikes.
The company offers a collective-driven insurance model, wherein each month’s claims are shared amongst its collective of cyclists.
Research from McKinsey suggests the global micromobility market will reach $340bn by 2030.