Insuranceciooutlook

Luko Bags $22M to Bolster Home Safety

By Insurance CIO Outlook | Friday, January 17, 2020

Raphaël Vullierme, CEO and Co-Founder

Luko has raised $22 million in a Series A round of funding to detect issues before they escalate, enhancing user experience.

FREMONT, CA: "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," says Raphaël Vullierme, CEO and Co-Founder of Luko. A France-based insurance tech startup, Luko, has secured $22 million in a Series A round of funding. This series of funding was driven by Silicon Valley VC heavyweight Accel, along with Peter Thiel's Founders Fund and Europe's Speedinvest.

Luko is providing three tracking sensors, which are free and entirely optional, and one of them can be attached to the customer's front door, another to their electricity meter, and the third to their main water pipe. The sensor on the electricity meter is useful for tracking energy consumption, sending alerts to the user if it detects that a particularly power-hungry device has been left turned on for longer than usual. All this data can be accessed through the Luko app, alongside a weekly report that shows key incidents and summaries. The company claims that these sensors are designed to help the insured protect their homes. Luko will further bolster its functionalities with the secured investment.

Raphaël adds, "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. We will use the new funding to accelerate our home protection technology development, expand from France across Europe and develop additional HomeCare Services."

Luko is an innovator of home insurance with social responsibility and technology. The company is the number 1 neo-insurance company in France, insuring more than 20,000 homes, and the fastest growing insurtech company in Europe. Beyond an uncomplicated insurance contract, Luko strives to drive insurance from a reactive claims-based model to a prevention-based with its proprietary technology.

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