<p><img src="https://static1.businessinsider.com/image/5fca3e56037cbd0018613c9a-2400/Cofounders-Luko-Raphael-Vullierme-Benoit-Bourdel-2020-1.jpg" alt="Cofounders Luko Raphael Vullierme Benoit Bourdel 2020 1" data-mce-source="Luko" data-mce-caption="Luko cofounders Benoit Bourdel (CTO) and Raphael Vullierme (CEO)" border="0"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Luko, a fast-growing French insurance startup, has raised a major new funding round. </p><p>Founded in Paris in 2018, Luko has just brought in 50 million ($61 million) in Series B funding led by EQT Ventures. The company focuses on property insurance and says it has grown six-fold since its previous funding round. </p><p>The company would have grown ten-fold if not for the coronavirus pandemic, according to its cofounder and CEO Raphael Vullierme. </p><p>"We had a few months of lockdown where there was no growth," he told Business Insider in an interview. Despite the Covid-19 impact on business, the company says its fundraise was competitive. </p><p>"We set out a two-week window for funds to submit term sheets at the start of September," Vullierme said.</p><p>EQT Ventures were first over the line and Vullierme said Rania Belkahia, who led the deal for the Swedish fund, was key to the process. </p><p>"She used to be an entrepreneur, so we have a similar network and I was very impressed with her work," Vullierme added. "It's less common now to have an entrepreneur on your board and I thought this might be the last chance we'd have to do that." </p><p>Existing investors Accel, Founders Fund and Speedinvest also participated in the round. The funding will go towards continuing Luko's expansion in terms of staff, product, and markets.</p><p>"We had to pause launching overseas because we focused on runway during Covid-19," Vullierme said. "We will add new countries next year." The startup will also likely double the size of its 85 strong team in the next 12 months. </p><p>Some 70% of Luko's premiums are pooled with other customers', and this pool is used to pay compensation, with around 30% going towards Luko's management costs. <a href="https://www.luko.eu/en/giveback/">Remaining premiums left in the pool at the end of the year are donated to charities chosen by policyholders</a>. </p><p>The B-Corp certified company has over 100,000 policyholders, it said. Luko's next step will be a new feature called "Doctor House", a video consultation service where experts show users how to prevent wear and tear at their property. </p><p>Check out Luko's pitch deck below:</p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/gousto-meal-kits-profit-gross-margins-growth-pandemic-2020-11" >Inside $1 billion meal kit startup Gousto, the pandemic unicorn expecting its first profit and doubling monthly orders</a></strong></p><h3>Luko</h3><img src="https://static5.businessinsider.com/image/5fca3eaab6a3a800199b68dc-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static2.businessinsider.com/image/5fca3e9d037cbd0018613c9f-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static1.businessinsider.com/image/5fca3e99b6a3a800199b68d7-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static4.businessinsider.com/image/5fca3e96037cbd0018613c9b-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static1.businessinsider.com/image/5fca3ea3037cbd0018613ca3-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static4.businessinsider.com/image/5fca3e9f037cbd0018613ca0-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static2.businessinsider.com/image/5fca3e98b6a3a800199b68d6-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static5.businessinsider.com/image/5fca3ea3b6a3a800199b68da-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static1.businessinsider.com/image/5fca3ea1037cbd0018613ca2-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static4.businessinsider.com/image/5fca3e9b037cbd0018613c9e-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static3.businessinsider.com/image/5fca3e9a037cbd0018613c9c-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static2.businessinsider.com/image/5fca3e98b6a3a800199b68d4-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static4.businessinsider.com/image/5fca3e9a037cbd0018613c9d-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static4.businessinsider.com/image/5fca3ea2b6a3a800199b68d9-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static6.businessinsider.com/image/5fca3ea0037cbd0018613ca1-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static1.businessinsider.com/image/5fca3e98b6a3a800199b68d5-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static4.businessinsider.com/image/5fca3ea1b6a3a800199b68d8-400-300/luko.jpg" alt="" /><br/><br/><h3>Luko</h3><img src="https://static6.businessinsider.com/image/5fca3ea6037cbd0018613ca4-400-300/luko.jpg" alt="" /><br/><br/>
Click here to read full news..
