– FRANCE, Paris – Luko today announced that it has raised a $60 million Series B funding round is led by EQT Ventures, alongside existing investors Accel, Founders Fund, and Speedinvest also participating.
Some angel investors with a background in insurance and technology are also investing in the startup, such as Assaf Wand, the co-founder of Hippo Insurance.
Luko is selling home insurance products for both homeowners and renters. And the company has managed to attract 100,000 clients so far. Over the past year or so, the company has grown quite rapidly, jumping from 15,000 customers to 100,000.
In addition to a speedy on-boarding process, Luko has been refining its insurance product to make the experience better for the client. For instance, Luko doesn’t want to benefit from unused premiums.
Luko has a straightforward revenue model. It takes a 30% cut on monthly payments. Everything else is pooled together to pay compensation. This way, the startup isn’t always trying to generate bigger margins from premiums.
To speed up repayments, Luko can send you money through Lydia, the leading peer-to-peer payment app in France. This way, you get your money back in just a few seconds.
Luko has reinvented home insurance with social responsibility and technology. It is the number 1 neo-insurance company in France, insuring more than 60,000 homes, and the fastest growing insurtech company in Europe. Beyond a simple insurance contract, Luko aims to move insurance from a reactive claims-based model to a prevention model with its proprietary technology
With 85 employees, Luko plans to expand beyond its home country. It also wants to proactively protect homes by providing water meters to detect leaks, door sensors to detect when somebody is trying to get in, etc.
For more information: https://www.luko.eu/en
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