Luko, a Paris, France-based home insurance company, raised €20m in Series A funding.
The round was led by Accel, with participation from Founders Fund and Speedinvest. Luca Bocchio, who led the investment for Accel and will join the Luko board.
The company intends to use the funds to accelerate European expansion and the launch of technology to detect accidents before they happen and protect the home.
Founded in 2017 in Paris by Raphael Vullierme and Benoit Bourdel, Luko offers home insurance and fast home repair and is also developing proprietary home protection technology to monitor a home’s front door, water supply pipe and electric meter, with machine learning analyzing this data to help prevent floods, fires and burglary. This enables move insurance from a post-incident, claims-based model, to avoiding home accidents to begin with.
Currently offering flat and home insurance for individuals and landlords in France, Luko has attracted more than 10,000 customers in its first 10 months of operation.