Hakuna, an insurtech startup with its headquarters in Munich, just secured €4 million in seed funding and is set to revolutionize the insurance industry.
In addition to previous investors Visionaries Club, Discovery Ventures, Klarna founder Victor Jacobsson, SumUp founder Marc Christ, and other elite business angels, the investment round was led by Earlybird.
The additional funding will support the development of insurance products, which will result in a more sustainable environment for the product life cycle. It will also assist the young company’s international growth and product development.
Sebastian Jost, Orhan Köroglu, and Rupert Mayer founded Hakuna in 2021 intending to dominate the embedded insurance sector for eCommerce platforms and businesses.
The e-commerce industry is still expanding. While more businesses are going digital, there are growing demands from customers who want more online convenience than just product availability.
Retailers and e-commerce platforms must be able to provide the products online while also providing consumers with value and assistance.
Hakuna enables retailers to offer embedded protection plans and extended warranties on online-purchased goods, improving the experience for customers.
The product is very easy for retailers to use. Leading modern eCommerce platforms like Shopify, Magento, Shopware, and BigCommerce can all simply incorporate it.
According to Orhan Köroglu, co-founder and co-CEO of Hakuna, “We are very delighted to provide access to insurance products for online merchants of every size and industry, which were previously available exclusively to the top 1%. Product insurance encourages repair and recycling, which significantly extends a product’s life cycle and can help achieve more sustainability.
To give customized protection and warranty extensions that fit into each merchant’s value proposition as necessary, Hakuna approaches its insurance product from an API-first perspective.
The business is preparing to expand internationally and double down on the product side despite already having locations in Berlin and Munich.
“We are confident that Hakuna’s team, with their common B2B InsurTech past, dedication to product protection, and super high level of professionalism, will succeed in enabling merchants of any size and industry to offer an AppleCare-like user experience,” said Dr. Christian Nagel, Partner, and Co-Founder of Earlybird. We are eager to help them on this journey.
Image Credit: Hakuna