For Its Embedded Insurance Solution Hakuna Nets €4M

September 21, 2022 | 2 minutes read

Hakuna, as one of the Europe’s finest embedded insurance solutions, nets €4 million.

Headquartered in Munich, the startup Hakuna nets funding of €4M in a seed funding round led by Earlybird. With the participation from existing investors Visionaries Club, Discovery Ventures, Klarna founder Victor Jacobsson, SumUp founder Marc Christ and other top tier business angels.

With this fresh injection of investment the startup is ready to disrupt the insurance niche . Insurance industry is witnessing a huge transformation especially after the inculcation of technology. Many famous startups present on the horizon are Insoore, Justos, Ledgebrook, Orus, Helevengo, Coterie, and Stoik etc.However as per stats the global insurtech market size is going to expand at the CAGR of 51.7% from 2022 to 2030. Amidst this growth, insurtech mobile apps are going to occupy a major chunk of the market.

However, Hakuna with its innovative solution allows merchants to offer embedded protection plans and warranties on products purchased online. Involving the fact that the product is quite user friendly and easy to adopt. It can easily be integrated into any leading ecommerce solutions of today. Such as Shopify, Shopware, Magento, and BigCommerce  .

Hakuna co-founder and Co-CEO Orhan Köroglu explicated:

 “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.”

Hakuna has an API first approach to its insurance product, delivering tailored protection  and warranty extensions. That mixes with each merchant’s value proposition as needed.

Having offices already in Berlin and Munich, the company is planning to double down on the product side and embark on internalization.