European mobility insurer Laka, who provide a range of insurance and circular economy services to e-bike riders, enthusiast cyclists and companies, has announced the acquisition of Cylantro, a French e-bike insurance broker.
The company at the same time publicised its latest funding round, with the aim of building upon its leadership in the Green Mobility sector. The equity plus debt round of €7.6 million, was led by leading impact investor Shift4Good, alongside existing investors Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures & Elkstone Partners. Previous angel investors include Zwift CEO and co-founder, Eric Min. The fresh capital will be used to amplify Laka’s efforts to enable more customers to transition to more environmentally friendly modes of transport.
The CEO and founder of Cylantro, Thomas Arnou, has joined Laka, specifically overseeing operations in the French market. This strategic move has been prompted, in part, by the notable surge in e-bike and bicycle sales, as well as the increasing prevalence of cycling as a mode of transportation in France, outpacing other European nations. Cylantro, headquartered in Paris, operates as an insurance brokerage firm with a distinct specialization in catering to the unique requirements of its clientele in the realm of bicycles and e-bikes.
Arnou commented: “Cylantro was in the unique position of having a lot of acquisition interest and, therefore, able to get a clear vision of the competitor landscape. We chose to join forces with Laka because of their aligned core principles – customer first and best-in-class claims handling. We’re ready to build the European leader together.”
Tobias Taupitz, CEO and co-founder of Laka, said: “We’re excited to welcome onboard the Cylantro team to Laka. Thomas and his team have built up a fantastic offering in France, and we can’t wait to ramp up our presence across the country. 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.”
Matthieu de Chanville, Co-founder and Managing Partner at Shift4Good, commented: “It is a great honour to assist Laka in accelerating within the highly promising market of smart mobility. Laka returns insurance to its pure, mutual heritage. Laka’s members and their shared interests incentivise positive behaviour which in turn benefits the entire community. We have full confidence in the team, their tech stack, and the momentum of Laka. We are committed to providing substantial support in both Europe today and Asia tomorrow to further their mission of decarbonizing road mobility. Creating global leaders through innovative technology isn’t just our mission; it’s a daily passion, as exceptional entrepreneurs are pivotal in driving a sustainable economy.”
Laka, winner of the ‘Best Cycle Insurance Provider’ Award four years in a row, was founded to better serve individual cyclists and businesses with a fairer, collective-driven approach to insurance. With a tech-driven and customer-centric approach, Laka has built on being an award-winning cycle insurer, to now being uniquely positioned as the go-to micromobility insurance provider in the UK and Europe. www.laka.co