Luko secures €50 million in Series B funding led by EQT Ventures
By Megha Bhattacharya
French neo-insurer Luko today announced that it has raised €50 million in Series B funding led by EQT Ventures along with the participation of Accel, Founders Fund, Speedinvest, Orange Ventures and other angel investors. The new funding will be used to invest in Luko’s technology, product development, and growing the team.
Raphaël Vullierme, CEO and co-founder of Luko, explained, “Luko’s ambition has always gone beyond insurance. Our long-term vision is to help build and democratize the sustainable homes of tomorrow, enabling everyone to live at home with peace-of-mind. Our transparent and communal model has already helped more than 100,000 French people and we are very proud today to work with EQT Ventures to accelerate this vision in Europe”.
Established in Paris, Luko is B-Corp-certified and has developed its insurance model around its Giveback program. 70% of Luko’s premiums are pooled with other customers’ and this pool is used to pay compensation; 30% go towards Luko’s management costs. At the end of the year, any premiums left in the pool that haven’t been used to refund claims are donated to charities chosen by policyholders.
Rania Belkahia, Deal Partner at EQT Ventures, added, “We were incredibly impressed by Luko’s stellar team, united in their singular focus on changing people’s perception of insurance from something arduous to truly positive, thanks to their unique technology. As EQT Ventures’ first investment since opening our French office, Luko is a flagship company in which we are proud to play a part. Their mission to transform the future of homecare and protection through transformative technology, powered by a social conscience, really caught our eye and we are looking forward to their continued growth into a European powerhouse.”
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