British bike insurtech Laka pedals into Germany

British insurtech Laka is launching its micro-mobility insurance in Germany following its Series A raise.

Porche Ventures invested $1.5m (£1.2m) into the company in June, part of a $13.5m (£10.9m) Series A round.

For the launch, Laka will partner with Porche Digital, the technology unit of the sports car maker, and e-bike brand Cyklaer.

Tobias Taupitz, founder and CEO, Laka said: “I’m excited to go back to my roots and launch Laka in Germany, our fifth market. Having grown up in close proximity to Stuttgart, I couldn’t have wished for a better launch partner than Cyklaer, a beautifully designed e-Gravel Bike.”

The London-based company provides insurance for cycling and electric vehicles. In the future, it plans to expand its offering into e-scooters, e-moped and electric car insurance.

Laka’s insurance model charges its users based on the previous month’s total claim cost but has a higher upper limit.

“At a time where a shift towards a greener future has never been more important, we’re excited about helping to support further micro-mobility growth in Germany with partners like Cyklaer who are driving e-bike and e-mobility adoption,” said Kelly Barnes, CMO, Laka.

Alongside Cyklaer the insurtech has partnered with cycling brand Raleigh, Santander Consumer Finance and Monzo.

Overall investment into the UK fintech industry has been found to have taken a dive for the first half of the year when compared with the same time last year.