Luko looks to settle €45 million in debt

According to French media outlets, insurance startup Luko has filed for a safeguard procedure as it looks to settle a €45 million debt.

A safeguard procedure is designed for companies which are not in a state of insolvency, but are facing difficulties that may lead them to insolvency.

Based on the reports, Luko submitted the filing following the two acquisitions it made in 2022 – German insurance startup Coya and French rent guarantee startup Unkle. Luko did not settle a €12 million payment to Unkle that was due in April.

The French insurance startup, which raised $85 million, was counting on a new round of funding following these acquisitions but so far it wasn’t able to secure additional capital.