Paris based Luko, a home insurance firm has confirmed picking up €20 million in its Series A round financing. Accel led the latest financing with participation from Founders Fund and Speedinvest. Before this round, the company has raised €2 million in seed round funding from Bruno Rousset and Kima Ventures' founder Xavier Niel in May last year. The current infusion takes the total amount raised by the firm to €22 million. Luca Bocchio from Accel is set to join the board of the firm as part of the financing.
Luko was founded by Raphael Vullierme in 2016 as a platform that offers home insurance and fast home repair along with technologies that can protect the front door, water supply pipe and electric meter. The firm has already attracted more than 10,000 customers in its first 10 months of the launch of the products.
Luko founder and CEO Vullierme talking about the firm said, “We believe consumers need fairer insurance options that they can clearly understand and that will bring them peace of mind. While customer churn is traditionally an industry problem, Luko’s is nearly nil, and our Net Promoter Score is five times the industry average. This is the first step to our true endgame — avoiding home accidents altogether. We believe the future of homecare is in, effectively protecting homes, and this investment will help us get there faster.”
Luca Bocchio talking about the funding said that “Insurance is still largely a very traditional industry. With only eight percent online penetration, the whole industry is poised for change. Consumers have suffered long enough with poor home insurance options, and Luko is bringing a new option to market with fairness at its core.”
With the firm planning for the launch of its services in the U.S., the financing has come in the perfect time for the firm. It will be interesting to see how it utilizes the funds.
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