Paris-based startup Luko raises $60 million to strengthen its leadership position
According to the company’s press release, Luko, the fastest-growing French insurtech leader, has raised $60 million in a Series B funding round. The round was led by EQT Ventures with participation from existing investors such as Accel, Funders Fund, and Speedinvest.
Founded in 2016 by CEO Raphaël Vullierme and CTO Benoit Bourdel, Luko is an insurance company that provides a device that focuses on home security and reduces electricity bills. It features an AI-powered sensor designed for monitoring and preventing home accidents. Luko is aimed to move insurance from a claims-based model to prevention with its proprietary technology.
Raphaël Vullierme, CEO and co-founder of Luko: “We have always been convinced that in order to protect European households, we must go beyond the vision of a simple insurance contract. With Luko, we are building an ecosystem of services to protect, maintain, and initiate the sustainable housing of tomorrow, which will allow everyone to live at home with peace of mind. This virtuous model has already conquered more than 100,000 French people and we are proud to work now with the teams of EQT Ventures to continue to defend and deploy this vision in Europe.”
This new fundraising will make it possible to launch new insurance and assistance services, strengthen investments in the protection of the home on the technological side, open new countries in Europe and strengthen the team with recruitment of more than fifty employees in 2021. To date, the startup has raised about $90 million from investors, Crunchbase writes.