Laka

UK-based Laka provides bicycle (including equipment) and health and recovery insurance digitally. Unlike traditional insurers, Laka takes a collective-driven approach to insurance and customers are not required to pay an up front premium. Instead, customers will pay a minimum premium at the end of each month plus a charge based on the cost of claims submitted by the collective policyholders in the previous month subject to a maximum amount based on the individual policies. Laka’s bicycle insurance starts at GBP 5 per month, while health and recovery insurance starts at GBP 11 per month but does not exceed GBP 15 per month. In addition, Laka provides third-party liability and legal expense cover through Laka Club (a community for bikers), which has a subscription of GBP 1 per month. 

In October 2023, Laka acquired Cylantro , a French e-bike insurance broker, for an undisclosed amount. Through the acquisition, it planned to expand its presence in the European market.

Key customers and partnerships

Laka has partnered with major bicycle retailers such as Cyklaer and Decathlon, cycling brands Raleigh and Le Col, as well as Santander Consumer Finance and Monzo to offer end-to-end bicycle insurance to their customers.

The company’s insurance policies are underwritten by Zurich UK.

Funding and financials

In October 2023, Laka raised EUR 7.6 million (~USD 8.0 million) in equity and debt funding . The round was led by Shift4 Good and the company was to use the funds to expand its presence in Europe.