Hakuna, the startup establishing itself as one of Europe’s front-running embedded insurance providers has just closed €4 million. Based in Munich, the investment will help the young company expand internationally and grow its product.
Founded in 2021 by Sebastian Jost (ex-CCO SumUp), Orhan Köroglu (ex-Managing Director abracar) and Rupert Mayer (ex-Head of Product at abracar), Hakuna is on a mission to lead the embedded insurance market for ecommerce platforms and retailers.
The startup has just raised new capital investment and is set to shake up the insurance space.
The Munich-headquartered startup has just raised €4 million in seed funding. The round was led by Earlybird with participation from existing investors Visionaries Club, Discovery Ventures, Klarna founder Victor Jacobsson, SumUp founder Marc Christ and other top-tier business angels.
The capital boost will back s further insurance product development, leading to a more sustainable product life-cycle environment.
The ecommerce space is continuing to grow. While retailers increasingly go digital, new demands need to be met from consumers who are looking for more convenience online, rather than just access to products. Ecommerce platforms and retailers need to be able to offer the products online but also do so in a way that has added value and support for consumers.
Hakuna allows merchants to offer embedded protection plans and extended warranties on products purchased online – providing consumers with a better service. The product is also simple for merchants to adopt. It can easily be integrated into leading ecommerce solutions of today, such as Shopify, Magento, Shopware and BigCommerce.
Hakuna co-founder and Co-CEO Orhan Köroglu explained: “We are very proud to provide access to insurance products for online merchants of any size and industry, which has previously been accessible only to the top 1%. Insuring products leads to repairing and recycling, which increases the life cycle of products enormously and can make a major contribution to greater sustainability.”
In the past year since the young insurtech’s launch, a few milestones have already been reached, showing great promise for the startup’s future. Multiple insurance partners have gone live and well-known merchants such as Watchmaster, Sushi Bikes and Office Partner embedded the tech.
Hakuna takes an API-first approach to its insurance product, delivering tailored protection and warranty extensions that blend into each merchant’s value proposition as needed.
Now, with offices already in Munich and Berlin, the company is planning to double down on the product side and embark on internationalization.
Dr. Christian Nagel, Partner and Co-Founder of Earlybird, said: “We are confident that Hakuna’s team, with their common B2B InsurTech past, dedication to product protection, and super high level of professionalism, will succeed in enabling merchants of any size and industry to offer an AppleCare-like user experience. We are excited to support them on this path.”