The French insurance start-up Luko, in serious financial difficulty, was placed in receivership on Monday by the Bobigny commercial court, AFP learned on Wednesday from the court, confirming information from Les Echos. This procedure lasts six months, until April 20, 2024.
This judgment is the latest step in a soap opera twist for the young insurance industry.
Heavily in debt after the quick acquisition last year of the German insurer Coya and the French specialist in unpaid rent insurance Unkle, Luko requested at the beginning of June the opening of a accelerated backup procedure with the Bobigny commercial court.
Allianz in the running to buy
The start-up then announced, on June 15, its full takeover by the British insurance group Admiral. Joining a large group was then considered the best thing for Luko by the co-founder and director of the company Raphal Vullierme.
But the buyer, active in France via its subsidiary L’olivier assurance, withdrew its offer on October 20. Another buyer then positioned itself, according to the court decision consulted by AFP: the German Allianz. He may maintain his offer, or notin this phase of legal recovery.
450,000 customers, 180 employees
Luko claims more than 450,000 policyholders and a presence in several European countries. Initially specializing in home insurance, it expanded diversifies into borrower insurance.
The company, which has 180 employees, had raised 70 million euros since its creation in 2018, notably with the funds EQT Ventures, Accel, Funders Fund, Speedinvest, Orange Ventures and private investors. The context of rising interest rates since the start of last year has had a serious impact on start-ups, which have since struggled to find sources of financing.
Reproduction forbidden.