The Series B round was co-led by Mundi Ventures and Opera Tech Ventures to support international growth and product scaling.
"We have been at the forefront of shaping digital automotive insurance solutions. Our approach to innovation, with a focus on exceptional user experience, has attracted and retained globally recognisable partners, demonstrating the value in our propositions."
The seed round was led by MTech Capital to support product development and team expansion.
"Insurance touches every part of our lives, from the homes where we live to the roads we travel. We’re building AI that brings clarity and fairness to a complex business process, giving insurers the information they need in real time to make better claims decisions."
The insurtech firm has raised funds to complete its technology stack and expand integration capabilities for retailers.
"Loxa is on a mission to rebuild trust in repair-first insurance and unlock significant value for UK retailers in the expanding product protection market. This 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. We’re excited to use these funds to scale Loxa, execute our ambitious plans, and get this business motoring towards profitability."
The oversubscribed seed round was led by the Development Bank of Wales and Angels Invest Wales.
"We are delighted to have the continued support of our existing investors, as well as the new investors who share our vision for revolutionizing the car insurance industry. This funding will enable us to accelerate our growth and expand our reach, ultimately benefiting both insurers and policyholders."