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Italian Insurtech Lokky Raises 2.6 Million in Crowdfunding

The company currently covers the insurance needs of more than 200 types of clients with solutions ranging from Building Damage to Public Liability, Contributors’ Liability, Content Damage, Theft, Professional Liability, Legal Protection, Other Property Damage, Cyber Risk. In addition, Lokky is natively ready to be integrated by external partners, both digital and physical.

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Lokky, the Italian Insurtech company dedicated to small businesses, professionals, and freelancers, has closed its equity crowdfunding campaign on Mamacrowd with a raise of about €2.6 million, as part of a total capital increase of €2.9 million. With this latest transaction, Lokky reaches the threshold of €5 million euros raised since its inception. Alongside more than 200 investors, the funding also saw the entry of the AZIMUT ELTIF – Venture Capital ALIcrowd II fund.

The capital will be invested to consolidate Lokky’s positioning in Italy and accelerate its growth, enhance branding and expand its offerings with exclusive products. In fact, Lokky’s strategy is to introduce next-generation insurance products to the market that are digitally native and, above all, integrated with the proprietary algorithm.

“We are literally in love with the world of insurance and believe that our work has a long-term social and economic impact: improving the level of coverage of small businesses means making the entire country system more resilient and competitive against risks that are increasingly increasing in frequency and magnitude; just think of cyber risks, seismic and hydrogeological risks, pandemic risks, and even those related to the geopolitical situation.” Said Paolo Tanfoglio, Co-founder and CEO of Lokky.

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Lokky was founded in 2020

Lokky, active since 2020 and founded by Paolo Tanfoglio and Sauro Mostarda, offers, the startuppers explain, professionals and companies a totally digital and “tailor-made” experience: from understanding insurance needs to product customization, through payment to policy issuance and underwriting. Thanks to innovative technologies in the area of Smart Analytics and Data Enrichment, with the proprietary algorithm optimized in recent years, Lokky offers only the most suitable coverages for individual needs, through total customization of the available products, eliminating unnecessary guarantees and related costs.

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“Now we are ready to continue transforming the insurance industry, supporting more and more businesses, especially the smallest ones, professionals and freelancers, through a tailored offer and creating more and more innovative solutions adapted to today’s working reality,” added Sauro Mostarda, Co-founder and CEO of Lokky.

Lokky’s offering

The company currently covers the insurance needs of more than 200 types of clients with solutions ranging from Building Damage to Public Liability, Contributors’ Liability, Content Damage, Theft, Professional Liability, Legal Protection, Other Property Damage, Cyber Risk. In addition, Lokky is natively ready to be integrated by external partners, both digital and physical: Financial Institutions, Fintech companies, and Corporates will be able to incorporate its offerings into their own, with great ease of integration.

That is already evidenced by the 16 already active partnerships that include both fully digital operators, such as Hype, ProntoPro, and SumUp, and less digital operators such as Toshiba Climate Control and SunCity. In 2022, the startup won the Award in the “Best Insurtech 2022” category at the sixth edition of the Italy Insurance Awards and was included in the prestigious DIA TOP 250 Insurtech.

In this transaction, Lokky was assisted by the law firms Gattai, Minoli, Partners and Smart Law, and advisor G2 Startups.

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(Featured image by stevepb via Pixabay)

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First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.