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Lokky Closes a 2.5 Million Equity Crowdfunding Round on Mamacrowd

The insurtech startup Lokky aims to solve a paradox in the insurance system whereby an individual can easily find a digital and competitive offer, while a small business owner or professional has little choice, little clarity, and a lot of red tape. Lokky has recently closed a crowdfunding round on Mamacrowd, during which it raised €2.5 million.

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Italian insurtech company Lokky, an innovative startup founded in 2019 by CEO Paolo Tanfoglio and Sauro Mostarda (executive director), has closed a €2.5 million equity crowdfunding round on Mamacrowd.

The round on Mamacrowd, for which Lokky presented a pre-money valuation of €8 million and a minimum target of €1.5 million, saw the participation of more than 200 investors, among which Azimut, with €900,000 and another investor with €800,000, contributed about 50 percent of the funds raised.

Lokky, had been selected as a partner for the new Vittoria hub, a physical incubation space for insurtech and open innovation, inaugurated by Vittoria Assicurazioni.

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An algorithm to enable SMEs and professionals to choose the right policies

The insurtech startup aims to solve a paradox in the insurance system whereby an individual can easily find a digital and competitive offer, while a small business owner or professional has little choice, little clarity, and a lot of red tape.

Lokky, thanks to an internally developed algorithm, leverages innovative data management and utilization technologies to offer customers only the coverage best suited to their needs, eliminating unnecessary costs. In this way, the platform makes the entire insurance experience simple and completely digital: from quoting to paying and issuing the policy in a few simple steps.

Lokky’s track record

In the past 12 months, the company claims to have 1,500 clients for €600,000 worth of policies and 16 active partners in its portfolio, which include marketplaces, fintech companies, and utilities that are leaders in their field.

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The company, after a seed round of €600,000, had closed in October 2020, another capital increase of about €1 million, underwritten by strategic private investors and also by Angels4Impact (A4I), an association composed of more than 60 young business angels.

Lokky has been awarded several times, both at the Italian and European levels. It won Best Insurtech 2022 at the Italy Insurance Awards, for its innovative model in the insurance field. It has also been included by Insurtech Insights and Sønr in the Future50, the 50 emerging startups set to shape and innovate the European insurance landscape.

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(Featured image by Edar via Pixabay)

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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.