EIT Urban Mobility is an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union. Europe’s leading community for impact-driven start-ups and scale-ups in urban mobility We want to move cities toward a more sustainable future by partnering up with start-ups and scale-ups like yours. Our Impact Ventures division gives you access to funding and support channels to deliver financial, environmental and social impact on the urban landscapes around us. Our tools are: Funding through grants and equity investments, Knowledge and training through partner-led programmes, networking and introductions through dedicated support to our equity portfolio companies Our investments provide you with a boost on your growth journey, and our network connects you with the right stakeholders in the public policy sector — on a regional, national and European-wide scale — to put your company on the map and bring your urban mobility services to the people who need it the most. If you’re like us and have a drive to shape the cities of our future, join our community of engaged and esteemed impactful ventures by applying for one of the many different programs we offer.

EIT Urban Mobility

MIOO

We make people's bicycle life smoother. We offer simple, reliable, and sustainable services for the everyday cyclist who are looking for a more convenient and functioning bicycle life. MIOO contributes to sustainable and healthy cities by enabling billions of kilometers of mobility by pure pedal power! MARKET Cycling is growing rapidly with 2B bikes in the world and +100M sold bikes per year. Bicycle commuting is exploding in large cities through new bike lanes, healthier lifestyles and environmental consciousness. Copenhagen and Amsterdam have close to  50% mobility by bicycle. Paris, London and Stockholm are quickly catching up from 10% levels. Cycling delivers several 100 times more mobility in kilometers than all E-scooters and other mobility companies all together.  IMPACT Bikes are the most efficient, sustainable and healthy way of transportation up to 30km and it is an effective solution for several global challenges. A bicycle emits only 3g of CO2 per km. An everyday cyclist shows a 40% lower mortality risk. PROBLEM  Bicycle sales are moving online. The 20% CAGR of online sales before Covid-19 is now accelerating fast, expected to reach 40% of all sales in many countries by 2025. The shift to online sales requires new types of solutions for customer support and service of the bike. Customers wait on average 12 days to get the bike fixed and even finding a nearby bike repair shop is hard. Millions of bicycles are left in sheds or garages with simpler problems. Millions of bicycles are also reported stolen and rarely get back to the owners even if the Police finds it. People stop biking due to this, leaving all the impacts disabled.  SOLUTION MIOO offers a solution to all this by establishing a  “service & safety” relationship with the user from when the bicycle is unpacked from a delivery box until the bike is sold. PRODUCT / APP - Bicycle service where you are - Assemble your newly online-purchased bike at your doorstep  - Anti theft registration and Bike-id-labeling - Bicycle insurance  - Service book  - Digital and secure change of ownership - IoT ready for Smart locks and GPS - Service and Safety subscription single or family plan BUSINESS MODEL On-demand services act as profitable funnel into a recurring subscriptions 100€ in yearly recurring revenues per user from subscriptions and on-demand sales of service and safety. FINANCIAL GOALS  We are launching 100 cities in the next 5 years, reaching 5 million yearly paying users.  Totaling a revenue of €500M in 2026 with a gross margin of 50%.    TRACTION We have shown a clear problem-solution fit in Stockholm and started to see clear indicators of a product-market fit. We have now launched our second city, London, with even larger potential. STOCKHOLM + 20,000 paying users last 12 month +100 active Bike Buddies/mobile bike service, +500 on short list Profitable in Stockholm 2 years after launch! €500k in revenues, growing with 200% in CAGR LONDON Launched Q2 2021 + 500 paying users after just one quarter with very little marketing.  5 active Bike Buddies, + 100 on short list   PARTNERSHIPS  Swedish tech-insurance company Omocom cover our subscribers' bike insurance.  Internet stores Bikester, an e-commerce bicycle retailer who operates in 14 markets, resells our assembly service in Stockholm this spring as a pilot. About 10% conversion rate on all sold bicycles and + 500 bikes assembled in the pilot . The plan is to launch the same set-up in London during Q1 2022 and scale it to new cities. TEAM Founder and CEO: Tomas Grönqvist ,Former pro-cyclist (5 years on the pro-tour in Italy) turned entrepreneur. Founded cycling startup that was acquired by Salvatore Grimaldi.  Co founders in operations: CTO Kimmo Björnsson (mat.se) COO Jakob Daniels, VPE Resad Zacina (ex-Fishbrain) Angels: Johan Attby (Fishbrain) Per Emanuelsson (Soundtrap), Fredrik Ahlberg (King) Sara & Jon Wimmercranz (Footway / Bambora) Stefan Krook & Karl-Johan Persson (H&M) ROUND Raising €5M  Use of founds: Scaling business in Europe and US

<div>MIOO, based in Sweden, aims to improve ownership of bicycles by providing bicycle servicing, insurance, and anti-theft registration through a subscription model via its mobile app. The company offers its services in the UK and Sweden through three plans: Basic (single bicycle at GBP 4.99 per month), Premium (single bicycle at GBP 9.99 per month), and Family (up to four bicycles at GBP 21.99 per month). Its insurance services are provided only to subscribers of Premium and Family.</div>

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

MIOO utför 1000 cykeluppdrag per månad

<div>
 
 MIOO, based in Sweden, aims to improve ownership of bicycles by providing bicycle servicing, insurance, and anti-theft registration through a subscription model via its mobile app. The company offers its services in the UK and Sweden through three plans: Basic (single bicycle at GBP 4.99 per month), Premium (single bicycle at GBP 9.99 per month), and Family (up to four bicycles at GBP 21.99 per month). Its insurance services are provided only to subscribers of Premium and Family.
 
 
 In addition, MIOO provides professional bicycle assembly services for GBP 49.99 per bicycle. MIOO also has a community platform&ndash;Bike Buddies&ndash;that allows members to earn as a bicycle mechanic by helping others.
 
 
 Key customers and partnerships
 
 
 The company&rsquo;s bike insurance policies are written by Omocom, a micro insurance company based in Sweden.
 
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 Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one&rsquo;s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of January 2024, Root held a carrier license in 48 states and offered automobile insurance in 31 states.
 
 In July 2019, Root launched its renters&rsquo; insurance product and expanded to homeowners insurance in May 2020. The homeowners&rsquo; insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of January 2024, the company&rsquo;s renters&rsquo; insurance product was available in 18 states.
 
 
 Key customers and partnerships
 
 
 Root had 259,522 policies in force as of September 2023.
 
 
 Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter&rsquo;s used-car online platform.
 
 
 In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root&rsquo;s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.
 
 
 Funding and financials
 
 
 In October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In 
 <a href="https://sp-edge.com/updates/8089">
 January 2022
 </a>
 , Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.
 
 
 For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.
 
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Root Insurance

<div>
 
 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
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Hippo Insurance

Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually. Clearcover also launched a <a href="https://sp-edge.com/updates/27767">GenAI-powered claims intake tool</a> to navigate a conversation-driven experience after First Notice of Loss (FNOL) to collect information about an accident. The tool available through its mobile app includes a claims assistant and a real-time customer question resolution feature. It plans to incorporate the tool into its agent portal and website in the future.Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers <a href="https://sp-edge.com/updates/21232">Choice, </a>an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers.As of January 2024, Clearcover offered its policies in 19 states in the US.&nbsp;For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.Key customers and partnershipsClearcover partnered with claims management solution vendor Snapsheet (May 2020) to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. It also partnered with ServiceUp (<a href="https://sp-edge.com/updates/32888">April 2024</a>), a technology company specializing in automotive repairs, to improve the car repair experience for insurance claims.Moreover, it collaborated with Experian to offer car insurance on the latter’s insurance comparison site (<a href="https://sp-edge.com/updates/18045">April 2023</a>). This was part of Clearcover’s strategy to expand its distribution channels.

Clearcover

<div>
 
 Kin offers digital homeowners insurance with personalized policies featuring premiums determined based on an assessment of the property that includes more than 10,000 data points from sources such as property records, government records, and satellite imagery.&nbsp;
 
 
 The company launched its insurance carrier, the Kin Interinsurance Network, in 2019, which operates as a reciprocal exchange (a form of insurance where underwriting profits are shared with customers). As of May 2024, it had a presence in Alabama, Arizona, Florida, Georgia, Louisiana, Mississippi, South Carolina, Virginia, and Texas.
 
 
 In December 2021, Kin acquired an inactive insurance carrier with licenses in 43 states. This acquisition was part of Kin's plan to expand its operations to most US states.
 
 
 Key customers and partnerships
 
 
 As of February 2024, it served over 115,000 policyholders.
 
 
 The company has partnered with Kangaroo, a smart home tech provider, to offer its customers free home security solutions. Additionally, it has collaborated with Cape Analytics, a property analytics provider that utilizes geospatial imagery for property intelligence, and Snapsheet, a claims management platform provider, to automate their internal processes.
 
 
 Funding and financials
 
 
 Kin Insurance was set to go public through a merger with Omnichannel Acquisition Corp., a special-purpose acquisition company (SPAC) in a transaction that valued the company at over USD 1 billion. However, this was terminated in January 2022, citing unfavorable market conditions.&nbsp;&nbsp;
 
 
 In February 2024, the company received USD 15 million 
 <a href="https://sp-edge.com/updates/26317">
 investment
 </a>
 from Activate Capital, with the funds earmarked to accelerate growth by expanding into new markets and developing new products.
 
 
 Kin Insurance recorded gross written premium (GWP) of USD 344.1 million in 2023 (up 50.7% YoY), and generated operating income of USD 5.0 million compared to an operating loss of USD 11.6 million in the prior year.
 
 
 
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Kin Insurance

Ladder is a startup that provides personalized term life insurance online, with coverage ranging from USD 100,000 to USD 8 million. The company uses multiple publicly available data points to determine a customer’s eligibility and in most cases does not require a medical checkup. Ladder provides a home visit medical test for free if required. Ladder’s dynamic approach to life insurance allows policyholders to increase or decrease insurance coverage based on changing life circumstances. Ladder also provides an application programming interface (API) which allows onboarded partners such as other insurance companies, investment firms, and lenders to issue policies from Ladder digitally. The company is licensed to operate in all 50 states. More than 80% of its customers represented first time insurance buyers.Key customers and partnershipsThe company sells its own life insurance policies in California through its carrier, Ladder Life Insurance Company. In New York policies are underwritten by Allianz Life Insurance, and in all other states by Fidelity Security Life Insurance, Amica Life Insurance Company, Lincoln Financial and USA LIfe Insurance.Ladder had collaborated with many financial service institutions to extend its product offering. It partnered with <a href="https://sp-edge.com/updates/25889">Envestnet | MoneyGuide</a>, AmeriSave Mortgage, and Halo Investing, to deliver its digital life insurance to customers through the advisors of the latter.Funding and financialsIn October 2021, the company raised USD 100 million in Series D funding co-led by Thomvest Ventures and OMERS Growth Equity, at a valuation of USD 900 million. The new funds will be directed towards further developing its products and expanding its workforce. As of the same date, the company also reported that its revenue grew by over 4x year-over-year (YoY).

Ladder

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Companies that offer personal line covers for travel and pets through digital channels and use technologies such as flight tracking and online claims processing.

Providers of comparison websites and tools for carriers, agents, and consumers to compare and purchase policies.

Companies that provide personalized health insurance to consumers via digital channels and use technology such as wearable medical devices to monitor health and improve user experience and underwriting.

Companies that offer digital-only insurance for personal belongings (bicycles, mobile phones, laptops, and cameras), providing protection against theft, loss, or damage, with financial reimbursement or replacement.

IoTs used to proactively mitigate risks and offer usage-based insurance

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

MIOO

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