London-based Loxa, an InsurTech firm focused on innovating product protection, has successfully raised €1.9 million in a Seed funding round, with €147k coming directly from the Angel Investment Network (AIN).
According to Founder Jamie Hamer: “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.”
Founded in 2023, Loxa (formerly known as Bolt Cover) empowers retailers of any size to offer their customers Product Protection cover at checkout for repairable items like furniture, eyewear, and power tools. The Loxa system can be integrated with both online and in-store retailers. Clients can plug into their platform API or use their tailor-made plugins for Shopify, WooCommerce, PrestaShop, and Magento.
Jamie Hamer, Co-founder and CEO, brings a proven track record in scaling ventures—having Co-founded and exited React News after driving it to €11.7 million+ in revenue—and experience with major corporates like Procter & Gamble and Gartner. Tori Hutchinson, Co-Founder and COO, draws from senior roles in global companies like Cirque du Soleil and Monica Vinader. Richard Smith, CTO and board member, has delivered high-performing digital solutions for top brands like L’Oréal and the Department for Education.
Partnering with established insurance companies, Loxa provides embedded insurance solutions that retailers and manufacturers can integrate into the customer sales journey, both online and in-store.
The firm’s vision is to become the UK’s leading provider in the “underserved” B2B2C insurance retail market across all consumer product categories.
The raised funds will enable Loxa to complete its tech stack, expand its scalable technology to integrate with websites and EPOS systems, and strengthen its D2C upsell offerings, starting with a power tool scheme.
The goal is to offer a consumer product-specific alternative to traditional home insurance by 2026.
According to Alex Caparros from the Angel Investment Network: “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.”
At present, Loxa only insures items sold to UK-based customers.