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.
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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