Today, Locket, the prevention-first insurance provider is opening pre-registration for its latest crowdfunding round. Backers will be investing in a disruptive challenger to the £150bn global home insurance market.
Locket is revolutionising the home insurance space with a model that empowers its members to proactively protect their home and prized possessions using smart tech. Locket doesn’t just pay out on claims, but also helps its members to prevent bad things from happening in the first place.
“Historically, insurance has tried to solve everything with pay-outs. But some things are worth more than money,” says Krystian Zajac, Cofounder and CEO at Locket. “The picture of your baby’s first ultrasound, your grandad’s medals – those things can’t be replaced. So we developed home insurance that helps you to protect them instead – and rewards you for doing so.
The insurtech’s previous funding round – held in January 2021, under its previous brand name “Hiro” – was wildly successful. The round attracted hundreds of investors and beat its stretch goal in under three hours, making it one of the fastest crowd raises in history.
Since then, Locket has been moving forwards in leaps and bounds, onboarding two underwriters, launching several innovative insurance products, partnering with some of the world’s best smart tech vendors and is preparing to launch on a leading price comparison website.
“We only started the company 15 months ago and, despite the challenging business environment of the past 18 months, we’ve managed to innovate at lightning speed. If we’ve achieved this much in slightly over a year, imagine where we could be in five or even ten years,” continues Zajac.“Investing in us is a chance to own part of a company that is really shaking up a staid industry. Based on the level of interest in our last round, we would strongly suggest prospective investors pre-register on the Seedrs platform to avoid disappointment.”
Funds from this round will help Locket to scale its business to the next level – developing more unique intellectual property; creating new insurance products and services, and launching the product to a wider audience via partnerships and price comparison sites.
This funding round has been granted advance assurance by HMRC for EIS eligibility, offering favourable tax treatment to those eligible.