Will this former future unicorn be sold for parts? | TechCrunch
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Take predictions and urban legends with skepticism: Luko is not France’s next unicorn, and Paul McCartney is not dead. Now rumor has it that insurtech M&A is off the table. As for me, I’ll be listening to the Beatles. — Anna
Questions on a “huge achievement”
Over the summer, we learned that French insurtech Luko had avoided what seemed like imminent insolvency by agreeing to be acquired by British insurer Admiral Group. It wasn’t the journey its investors had envisioned when they put a reported €72 million into the startup, but it wasn’t the end of the road.
However, rumors emerged a few days ago that Admiral was giving up on buying Luko.
We won’t know Luko’s fate for sure until at least November 7, its next judicial deadline. But according to L’Argus de l’Assurance, the insurance-focused media outlet that got the scoop, the restructuring of the startup’s €45 million debt became a blocking point, with creditors BNP Paribas and Triple Point Ventures both hoping to get their money back before one another.
