ABN AMRO Ventures invests in e-mobility insurtech company Laka
ABN AMRO Ventures is investing in a Series A capital raise of USD 12 million by London and Amsterdam-based insurtech start-up Laka, alongside US mobility investor Autotech Ventures and other tier 1 venture capital investors.
Laka offers bicycle insurance for retail and commercial customers, ranging from recreational cyclists and commuters to e-cargo bike drivers and delivery fleet riders. With its innovative pricing model, Laka is able to offer much fairer pricing across Europe than its competitors. Furthermore, Laka’s tech platform delivers a fast and straightforward user experience for businesses and consumers, from set-up to making a claim. With the e-mobility sector set to grow further as consumers and businesses turn to cleaner forms of transport, bicycle insurance is a growing need and an interesting growth market for Laka.
The rise of e-mobility is what prompted ABN AMRO Ventures to invest, plus Laka’s innovative pricing model and high customer satisfaction. Besides, the investment in Laka is fully in line with ABN AMRO’s ambition to support its clients’ transition to sustainability. As an active investor, ABN AMRO Ventures is committed to help Laka grow its market share in the Netherlands and North-West Europe.
ABN AMRO Ventures is investing alongside US mobility investor Autotech Ventures and Ponooc, the investment fund closely tied to Pon. Existing investors, including Creandum, LocalGlobe, 1818 Ventures and Elkstone Partners, are increasing their stakes.
Hugo Bongers, Director of ABN AMRO Ventures: “ABN AMRO Ventures is very excited to support Laka in its journey to become Europe’s leading green mobility insurtech. We look forward to partnering with Laka’s outstanding management team and the other investors to drive a big outcome together. Our investment in Laka fits perfectly with ABN AMRO’s ambition to provide our clients with best in class digital services and help them in their transition to more sustainable living.”
ABN AMRO Ventures is ABN AMRO’s corporate venture fund focused on (fin)techs. It invests in innovative companies that specialise in the digitalisation of financial products, services and infrastructure. With EUR 150 million of assets under management, the fund has stakes in 20 companies like Upvest, Solarisbank, Penta, Bux, PrimaryBid and Quantexa. Previous investments were in Tink (exit 2021), OpenInvest (exit 2021) and Trifacta (exit 2022).
ABN AMRO Ventures to participate in Penta’s EUR 18.5 million fundraise
Founded in December 2017, Penta is a digital platform for business banking with over 16,000 customers. Companies can apply for a business account within minutes and receive a German IBAN, debit cards for expense management and other financial services. The company is headquartered in Berlin, with offices in Milan and Belgrade. ABN AMRO Ventures is part of the first closing EUR 18.5 million series B with, as a co-lead, RTP Global and HV Holtzbrinck Ventures and participation from Berliner Volksbank Ventures and Finleap.
Hugo Bongers, head of ABN AMRO Ventures: “We are investing in Penta because we believe in its dynamic and experienced management team, who we know well. We believe in their vision to empower SMEs through banking. In Germany, Penta is playing a crucial role in transforming business banking from the core. We see good opportunities for cooperation and exchange of information between Penta and our key digital propositions towards SME clients in the Dutch market, among which of course New10. Like previous investments by ABN AMRO Ventures, this one too reinforces ABN AMRO’s access to the local fintech ecosystem of companies, investors and industry leaders.”
Marko Wenthin, CEO & Co-Founder of Penta: “We are delighted to see the commitment to our vision from such strong and strategic partners as ABN AMRO Ventures: reshaping business banking for small and medium-sized enterprises. SMEs are the engine of countries’ economies. With our approach of building a platform for them by focusing on their business needs and offering them a veritable one-stop-shop of services, we go way beyond banking. By growing the round of investors, Penta will benefit from a wider network across Europe, future co-operation and a significant acceleration of growth. We have known ABN AMRO Ventures for many years and we are looking forward to expanding our investment and partnership.”
The investment in Penta is the eleventh investment by ABN AMRO Ventures, previously named ABN AMRO Digital Impact Fund. ABN AMRO Ventures is the bank’s corporate venture fund and makes strategic investments in innovative technology companies to boost and accelerate its digital transformation. The fund has EUR 100 million assets under management and holds positions in Fenergo, Trifacta, Thetaray, Tealium, Tink, BehavioSec, solarisBank, Ockto and Crosslend. It previously invested in Cloud Lending Solutions (exit in 2018).