London-based, microbusiness-focused insurtech Lukango has raised £275K in a pre-seed round.
Evelyn Bourke, a former CEO of Bupa and board member of Admiral Group, Andrew Rear, a former founder and CEO of Munich Re’s Digital Partners, and Mark Hunt, a former senior advisor to Nasdaq and CEO of Inbotiqa, are among the startup’s early investors.
The money will be used to hasten the development and introduction of the platform and customized goods from Lukango.
“We set out to promote the disadvantaged micro business community and alter the face of the insurance industry,” said Joanne Safo, CEO of Lukango. “We are tremendously delighted to have the support of experienced investors who sincerely believe in our vision.”
To better serve today’s microbusiness owners, Joanne continued, “Our talents in the use of technology in the insurance industry and our intrinsic strategic, growth, and execution capabilities are key assets on our path. They come together with our love of teamwork, innovation, and creativity as well as our mission to improve business insurance via fairness, intelligence, and humanity.
In 2021, Mark Dennis and Selina Bilton, both insurtech veterans with decades of expertise, joined Joanne Safo, a former member of the founding team for Munich Re’s Digital Partners business, to start Lukango, a company devoted to the microservices industry.
It was developed to reinvent how a new generation of microbusiness owners interacts with insurance products. Customers who are digital natives are at the center of the Lukango insurance product experience.
Today’s entrepreneurs are supported on their business travels by the startup’s linked platform, diversified network, and accessible language in addition to its innovative, dynamic goods.
Customers can adapt and adjust the level of security needed as their businesses expand thanks to the use of data and clever algorithms, giving small business owners choice over how much and when protection is necessary. The partnership model that Lukango offers is one that few other products have.
There are two solutions from Lukango that provide complete coverage for small businesses. First, a product with a fixed price assists customers organizes their business budget since they know exactly how much they will pay upfront. The second option is Flex, which can adjust to a user’s business’s growth to ensure that they are only paying what is necessary.
Image Credit: Lukango