French insurtech startup Luko has announced the acquisition of German insurer Coya. By merging Coya into Lukoʼs ecosystem of care, insurance, and services around customersʼ homes, the Luko Group becomes a neo-insurer for more than 300,000 people. The merged company will become a new full-stack insurance company across Europe to offer transparent and intuitive insurance and services.
Founded in 2018 in Paris by Raphaël Vullierme (CEO) and Benoit Bourdel (CTO), Luko is transforming peopleʼs perception of insurance. After a good run in its home turf where it covers over 200,000 homes, the French startup has been on an expansion spree since 2021. It first launched in Spain and now has expanded its reach by entering Germany.
The company's acquisition will fuel its continued growth, building a European giant capable of consolidating the booming insurtech market with a target of one million customers by 2023. Earlier last year Luko had raised €50 million in Series B funding led by EQT Ventures.
The Luko Group will recruit more than 100 people in Europe in 2022, including 50 positions in Berlin (claims and customer service agents, tech talents for group-wide tech and core insurance functions, sales team. etc.), where the risk carrier will be located, as well as the operations for the German market.
Founded in 2016 by Andrew Shaw, Dr. Peter Hagen, and Sebastián Villarroel, Berlin-based Coya offers home, liability, bike and health insurance for pets. The company witnessed a growth of 300% in 2021 and has insured 80,000 users in Germany.
The acquisition will allow Luko to rely on Coya's know-how as a European insurer regulated by BaFin, the German insurance regulator, its knowledge of the German market, and its technological expertise.
Raphaël Vullierme, CEO and Founder of Luko said: “Merging Luko's best-in-class ecosystem of home services and insurance with Coya's core insurance technology and insurance license will give birth to a new European leader which operates beyond insurance, willing to better serve the needs of customers and from day 1, fulfilling our mission of making millions of European homes safer and greener.”
Max Bachem, CEO of Coya and CEO of Luko Germany said: “Both companies have very similar DNA leveraging technology and re-inventing the traditional insurance business model toward greater customer satisfaction. By integrating Coya into the Luko platform, we are combining the best technology and talent from two leading European players, which will both benefit all Luko and Coya customers."