Recently launched MGA completes £2.7m seed round

London-based MGA Loxa has completed a £2.7m seed round.

The round saw the firm secure investment in three separate tranches from a group of angel investors and family offices.

Capital will be deployed to drive expansion across Europe, scale the retail network and broaden the platform to support every insurable product category.

Jamie Hamer, cofounder and chief executive at 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.”

’Step change’

Established in 2023, Loxa is a full-stack MGA designing, underwriting and operating comprehensive embedded product protection programmes for retail.

Since launching, Loxa has grown to more than 45 live retail partners across furniture, eyewear, power tools, electronics, catering appliances and other categories, embedding with retailers like eCatering, Toolden, Hyundai Tools, Rowen Homes, Maker and Son, as well as JCB Pro Tools.

Loxa felt the fundraise marked a step change in what it can offer retailers. 

Erjon Skora, cofounder and managing director, said: “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.”