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Insurtech Lukango raises £275k pre-seed

The new startup uses an intelligent algorithm to determine what insurance product is right for small business customers.

a group of people sitting on a couch

Joanne Safo, Mark Dennis & Selina Bilton/Lukango.

Lukango, an insurtech serving small businesses and sole professionals, has raised £275,000 in a pre-seed funding round.

Currently offering two insurance options, the London-based fintech is planning to use the funding to accelerate building and launching its products and platforms.

Founded to “reimagine” how the next generation of microbusiness owners interact with insurance products, the insurtech offers “Fix” – a fixed price plan – and “Flex” – a flexible price that changes based on the growth of the business.

Created with an algorithm that ensures customers get “inclusive, clear and fair” insurance, the company aims to put “digital-native customers” at the heart of its product experience by using data to determine the best fit.

“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,” Lukango CEO Joanne Safo said.

“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.”

The three-person strong founding team brings decades of experience to the startup.

Safo and COO Mark Dennis are a founding team member and co-founder, respectively, of Munich Re’s Digital Partners business, and have helped build, launch and grow more than 20 insurtechs.

Marketing lead Selina Bilton has previously been chief of staff at IKEA and communications business partner at IKEA.

Early investors of Lukango include former Bupa CEO Evelyn Bourke and former Nasdaq senior advisor and Inbotiqa CEO Mark Hunt.

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