London-based, microbusiness-focused insurtech Lukango has successfully closed a £275k pre-seed round. Early investors in the startup include former CEO of Bupa and board member of Admiral Group Evelyn Bourke, former Founder & CEO of Munich Re’s Digital Partners Andrew Rear, and former Senior Advisor to Nasdaq and CEO of Inbotiqa Mark Hunt.
Plans to launch tailored products
The investment will be deployed to accelerate the build and launch of Lukango‘s tailored products and platform.
Joanne Safo, Lukango CEO said, “We set out to champion the underserved microbusiness community and change the face of the insurance industry and are incredibly proud to have the backing of experienced investors that truly believe in our vision. Our skills in the use of technology in the insurance industry and innate strategic, scaling and execution capabilities are significant assets on our journey to better serve today’s microbusiness owners. They combine with our passion for innovation, creativity, building teams, and our purpose – to make business insurance fairer, smarter, and human.”
Insurtech aimed at microbusinesses
In 2021, Joanne Safo, formerly a founding team member for Munich Re’s Digital Partners business, and her fellow co-founders, Mark Dennis and Selina Bilton with decades of experience in insurtech, joined to create Lukango dedicated to the microservices space.
It was created to reimagine how a new generation of microbusiness owners interact with insurance products. Lukango puts digital-native customers at the heart of the insurance product experience.
The startup’s connected platform, diverse community and accessible language combines with its innovative, dynamic products to support today’s entrepreneurs on their business journeys. The use of data and smart algorithms allows customers to flex and change the amount of protection needed as their businesses grow, putting small business owners in control of how much and when protection needs to be in place. Lukango’s unique proposition creates a partnership model many products lack.
Offers two products for small businesses
Lukango has two products for small businesses and these offer comprehensive cover. Firstly, there is a fixed price product that lets one know what they are going to pay upfront so they can plan their business finances. Secondly, there is Flex, which is designed to adapt to the growth of user’s business so one can make sure they are paying only what they need to.