Loxa Secures £2.7 Million Seed Funding for European Retail Expansion
Loxa, an insurtech company providing product protection solutions at the point of sale, has closed a £2.7 million seed funding round. The capital will be used to drive European expansion and scale its retail partner network.
Loxa, the insurtech firm enabling retailers to offer product protection at the point of sale, announced the close of its £2.7 million seed funding round. Primarily backed by angel investors and family offices, the capital will fuel Loxa's expansion into the European market and scale its network of retail partners to over 150.
The funds will also support the broadening of Loxa's platform to accommodate all insurable product categories. Since its 2023 launch, Loxa has partnered with over 45 retailers across diverse sectors, including furniture, eyewear, power tools, and electronics.
Operating as a full-stack MGA (Managing General Agent), Loxa can now develop and launch insurance schemes tailored to the specific needs of its retail partners. The company's technology integrates seamlessly with over 70% of UK e-commerce infrastructure, allowing new partners to go live in as little as 48 hours.
"Closing the Seed round is the starting gun, not the finish line," stated Erjon Skora, Co-Founder & Managing Director of Loxa. "We are heading into a Series A with traction, a clear European roadmap, and a system that onboards retailers in under 48 hours."