InsurTech Loxa has raised 拢1.69m in a seed round.
The London-based firm, which was previously known as Bolt Cover, is aiming to revolutionise product protection and enables retailers to service their customers with product protection cover at checkout for repairable items such as furniture, eyewear and power tools.
The funds raised will enable the company to complete its tech stack, expand its scalable technology to integrate with websites and EPOS systems and strengthen its D2C upsell offerings, starting with a power tool scheme.聽
Its vision is to become the UK’s leading provider in the B2B2C insurance retail market across all consumer product categories, as it looks to offer a consumer product-specific alternative to traditional home insurance by 2026.
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鈥淟oxa is on a mission to rebuild trust in repair-first insurance and unlock significant value for UK retailers in the expanding product protection market,鈥� said Jamie Hamer, founder of Loxa.
鈥淭his fundraise marks a significant step in our journey. The process can be fraught but partnering with the right investors, like those we found through AIN, makes all the difference.聽
鈥淲e’re excited to use these funds to scale Loxa, execute our ambitious plans, and get this business motoring towards profitability.鈥�
Through the funding round, the firm raised 拢125,000 from the Angel Investment Network.
Alex Caparros, senior broker at Angel Investment Network, added: 鈥淟oxa is addressing a significant gap in the market with its innovative approach to product protection.聽
鈥淲e are delighted to have connected them with our strategic investors, who recognise the strength of Loxa’s vision.聽
鈥淭heir commitment to empowering retailers and delivering enhanced value to consumers represents a compelling proposition, with a journey that is just beginning.鈥�
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