French insurance startup Luko has reportedly raised $60m (€50m) in a Series B funding round led by EQT Ventures.

The round was also joined by its existing investors Accel, Founders Fund and Speedinvest and angel investors including Hippo Insurance co-founder and CEO Assaf Wand.

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The company intends to use the new capital to further develop its proprietary technology, support its product development, and expand the team.

Founded in 2018 by Raphaël Vullierme and Benoit Bourdel, Lucko specialises in home insurance offerings that are designed for both homeowners and renters.

The company, which is eyeing pan-European expansion, is said to have over 100,000 policyholders at present.

It has also partnered with insurer majors including Munich Re and Swiss Re to expand its offerings for the clients.

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Luko co-founder and CEO Vullierme said: “Luko’s ambition has always gone beyond insurance. Our long-term vision is to help build and democratise the sustainable homes of tomorrow, enabling everyone to live at home with peace-of-mind. Our transparent and communal model has already helped more than 100,000 French people and we are very proud today to work with EQT Ventures to accelerate this vision in Europe.”

EQT Ventures deal partner Rania Belkahia added: “We were incredibly impressed by Luko’s stellar team, united in their singular focus on changing people’s perception of insurance from something arduous to truly positive, thanks to their unique technology.

“As EQT Ventures’ first investment since opening our French office, Luko is a flagship company in which we are proud to play a part. Their mission to transform the future of homecare and protection through transformative technology, powered by a social conscience, really caught our eye and we are looking forward to their continued growth into a European powerhouse.”

Belkahia will join Luko’s board of directors as part of the funding round.