Mobility insurtech firm Laka has acquired French e-bike insurance broker Cylantro. Financial details of the deal have not been disclosed, however, Laka has also announced it has raised €7.6 million in an equity and debt financing round.
The latest funding round was led by Shift4Good alongside existing investors Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures and Elkstone Partners. Previous angel investors include Zwift CEO and co-founder, Eric Min.
Laka provides insurance and circular economy services to e-bike riders, e-cargo bike riders, cyclists and companies. It uses a ‘collective-driven insurance model - each month’s claims are shared amongst Laka’s collective of cyclists, so the monthly bill varies up to a guaranteed cap’.
The acquisition of Cylantro boosts Laka’s expansion in France where it already has an existing partnership with sports retailer Decathlon. Cylantro’s CEO and co-founder Thomas Arnou joins Laka to lead in France.
“E-bikes are expected to outgrow car sales by 2025 in Europe and we see huge potential in France, where the sales of bikes and e-bikes are growing at double-digits. We are also excited to welcome Shift4Good as an investor, and we look forward to working with them to expand our commitments to decarbonising mobility, by making it easier for consumers to insure and protect their bikes or e-bikes,” says Tobias Taupitz, CEO and co-founder of Laka.
Lead image: Laka founders Tobias Taupiz Ben Allen and Jens Hartwig. Photo: Uncredited.