Loxa secures £1.7m in a seed round featuring £125k from Angel Investment Network to scale its embedded insurance platform.
The insurtech firm has raised funds to complete its technology stack and expand integration capabilities for retailers.
Loxa provides embedded product protection solutions that allow retailers and manufacturers to integrate insurance offerings into their sales channels. Formerly known as Bolt Cover, the firm focuses on repairable consumer goods such as furniture and power tools.
London-based insurtech firm Loxa has secured £1.7m in a seed round, which includes £125k raised through Angel Investment Network. The company enables retailers to embed product protection cover for repairable items into their online and in-store checkouts.
The fresh capital will be directed towards completing the company technology stack, integrating scalable systems with websites and EPOS platforms, and strengthening direct-to-consumer upsell offerings. Loxa aims to provide a consumer-specific alternative to traditional home insurance by 2026.
Founder Jamie Hamer noted that the raise marks a major milestone for the business as it works toward profitability in the product protection market.
From the founder
"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."
Jamie Hamer
Founder at Loxa
Investor perspective
"Loxa is addressing a significant gap in the market with its innovative approach to product protection. We are delighted to have connected them with our strategic investors, who recognise the strength of Loxa’s vision. Their commitment to empowering retailers and delivering enhanced value to consumers represents a compelling proposition, with a journey that is just beginning."
Alex Caparros
Senior Broker, Angel Investment Network
Use of funds
- 01Continue product development
