A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model.
Browne Jacobson’s corporate technology team has advised the founders of InsurTech startup Laka on raising $4.7m funding to fund the next stage of its growth strategy.
The round was led by leading venture capital firms LocalGlobe and Creandum, with Yes VC and prominent angel investors, Nick Evans and Oren Peleg, amongst others, also investing.
The investment will be used by founders Ben Allen, Jens Hartwig and Tobias Taupitz to grow its footprint across Europe, establish its European Union base in the Netherlands later this year and further develop its product portfolio. This will include a recovery and health product designed specifically to help cyclists who have experienced injury or accident to access the right services.
Founded in 2017, Laka specialises in insuring high-end bicycles in the United Kingdom and has developed a unique insurance model in which the cost of claims is split fairly between customers, with premiums capped at market rate for customer protection. Fewer claims lead to lower costs. On average Laka’s users have saved more than 80% compared to market prices.
Browne Jacobson’s London based team comprised corporate technology partner Jon Snade, associate Harry Pearson and senior associate Nicole Judah. Jon also led the team that advised Laka on its last successful seed round in 2018 which raised $1.5m.
Browne Jacobson has built a reputation for its innovative approach to delivering legal services to start-ups following the launch of the Grow programme in 2017 and which is tailored specifically for high-growth companies at any stage of the start-up journey.
The firm works with over 100 high-growth businesses across a broad range of sectors but notably in InsurTech and FinTech.