Loxa secures £2.7 million to scale retail platform

A London-based insurtech company is scaling its technology platform after securing fresh investment to expand product protection services across European retail.

Loxa has raised £2.7 million in a seed funding round backed by angel investors and family offices, including the Lazaroo-Hood Group. 

Founded in 2023, the company enables retailers to offer product protection at the point of sale through embedded insurance technology. 

Loxa already works with more than 45 retail partners across sectors including electronics, furniture, tools and catering equipment.

Its platform integrates with major ecommerce systems such as Shopify, Magento and WooCommerce, allowing retailers to launch product protection schemes in as little as 48 hours.

Bosses say the cash will support expansion into European markets, increase its network of retail partners and extend its platform to cover a wider range of insurable products.

They add the firm plans to grow its partner network to more than 150 retailers while expanding its technology to support additional product categories as it targets wider European growth.

Jamie Hamer, co-founder and chief executive of Loxa, said: “We started Loxa because we believed embedded product protection should be as universal as the checkout itself, available to every retailer, for every customer, everywhere. 

“We made a deliberate choice to build this round with angels and operators who shared our mission and backed our vision from the start, and that alignment builds better businesses. 

“Closing this round means we can now deliver on that promise at scale, with the right people and resources to execute successfully.”

Erjon Skora, co-founder and managing director of Loxa, added: “Closing the Seed is the starting gun, not the finish line. 

“We’re heading into a Series A with traction, a clear European roadmap, and a system that onboards retailers in under 48 hours, integrates seamlessly, handles policy volumes at scale, and delivers an excellent claims experience. 

“The next 18 months will define Loxa’s position in this market, and we intend to own it.”

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