All posts tagged: Lukos

Luko’s acquisition won’t make everyone happy, but the insurtech will live on

Luko’s acquisition won’t make everyone happy, but the insurtech will live on

Allianz Direct, a digital-first German subsidiary of the insurance giant, has acquired the French home insurance business of ailing insurtech Luko for €4.3 million (around $4.65 million). This was both expected and unexpected: The two companies were hoping to get the green light on a deal in November. But that didn’t happen, and Luko’s parent company instead went under judicial reorganization, a procedure that meant it needed to urgently find a buyer whose offer would meet the court’s requirements. For a while, many options were back on the table, including not-so-great ones — until this week. A happy ending of sorts? Not quite. After all, Luko had ambitions to become a European insurtech unicorn on its own, and maybe it’s now paying the price for it. But there’s also relief for some in knowing that the company won’t be sold for parts after all — and the business unit that will live on is arguably what it should have stuck to all along. Yo-yo pricing Luko was mostly known for offering digital home insurance in …

European Digital insurtech startup Getsafe acquires Luko’s German portfolio, reaches 550,000 customers

European Digital insurtech startup Getsafe acquires Luko’s German portfolio, reaches 550,000 customers

Getsafe, a German-based digital insurtech startup, has acquired the German portfolio of Luko, a French insurtech startup that recently neared insolvency before agreeing to be acquired by British insurer Admiral Group in a transaction that didn’t include its German or Spanish operations. Getsafe is now present in four countries since its expansion into France. Luko’s own expansion into Germany dates back to 2022 when it acquired German startup Coya, and it’s in large part its former customer base that Getsafe is now taking over. “Roughly 90% of German Luko customers are former Coya customers,” Getsafe CEO and founder Christian Wiens told TechCrunch. Asked whether Getsafe had also tried to acquire Coya at the time, Wiens said that the two companies only had “loose discussions” that “never materialized.” Luko was more serious in its interest, because it would obtain an insurer license from the Federal Financial Supervisory Authority (BaFin) by acquiring Coya; Getsafe didn’t need that, since it had already obtained its insurer license from BaFin in 2021. The takeover announced today, which, according to Getsafe was …

Unpacking the end of Luko’s solo journey in insurtech

Unpacking the end of Luko’s solo journey in insurtech

European insurtech is showing strength that you can’t spot if you only read the data on venture capital that’s available today. Indeed, some startups are showing strong fundamentals that will likely help them through this volatile landscape and then some. We made this point a couple weeks ago and we still stand by it. However, it’s not all rosy for companies that put growth first back when it was sexy to reach for the skies and now find themselves in a market that favors a quick, viable and visible path to profitability. The Exchange explores startups, markets and money. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. Case in point: French insurtech Luko, which neared insolvency before agreeing to be acquired by British insurer Admiral Group. The deal itself makes a lot of sense, but the rumored price tag — €11 million plus an additional €3 million tied to specific milestones — is raising eyebrows. That’s because Luko had previously raised €72 million in total, aiming to build a European …