Technologically-advanced, prevention-first home insurance
- Entire tech-stack built in-house
- Two new insurance products brought to market
- Terms agreed for distribution on top UK Price Comparison Sites
- Series of high profile partnerships agreed
Learn more about convertible campaigns.
We're Locket, and we're everything your old insurer isn't.
Insurance is a $7tn industry that’s in dire need of a shake-up. Old insurers treat our world as replaceable. Everything has a price. When “bad things” happen, payouts fix them.
However, we know that the things that matter most can never be replaced.
We’re on a mission to change the odds. Using advanced technology, including automated quote & buy journeys, ML-based pricing models, smart device integrations, and gamified coaching, we aim to increase satisfaction and help homeowners to reduce their risks – leading to lower premiums and fewer claims. Everybody wins.
We’re building a flexible, fair, and socially responsible alternative to the old home insurance proposition. Insurance for things worth money, and assurance for things worth so much more.
Join us, and be part of the movement to change insurance for good.
Substantial accomplishments to date
Built our own tech stack in-house. Backend, frontend apps, cloud infrastructure, ML-driven pricing engine, Policy Admin System, and more. The stack has been built in a way that enables us to offer multiple, easily adjustable insurance products and bill for them in real-time, on-demand.
Developed two new insurance products. Both on a monthly subscription, not an annual policy - more like Netflix than traditional home insurance. They’re extremely flexible, too, with MTAs (mid-term-adjustments) applied in real-time, via the app. We ‘ve also removed cancellation and admin fees. Isn’t this refreshing?
Innovated in our approach to pricing risks, developing a gradient-boosting, machine-learning model that doesn’t rely on historical claims data.
Grown our team, bringing in some truly exciting talent to work alongside the founders.
Curated high-profile partnerships with big names in smart home technology, including Ring, Yale, Philips Hue, and many more. This means we can talk to customers in spaces where no other UK insurers operate.
Agreed terms to bring Locket to the masses on top UK price comparison sites, securing a route to significant traction.
Delivered a complete rebrand which secures our potential to expand internationally, and more importantly, gives us a brand identity that we feel more truly represents our mission.
Built a community of over 700 investors, who helped us deliver one of the fastest crowdfunding campaigns of all time.
To start with, we’ve structured as an MGA (Managing General Agent), meaning that we earn a percentage commission from every policy we sell. The level of commission increases as we write better risk, allowing us to benefit financially from our knowledge that smart homes are safer homes. Ultimately, we want to become a full-stack insurer, at which point, we will start underwriting some of the risk ourselves, with reinsurance backing.
By coupling our flexible monthly subscription with our personalised, rewards-based services, we believe that we can achieve industry-leading retention rates and, ultimately, a significant improvement in customer lifetime value compared to old insurers.Our members-only marketplace represents a second revenue stream - equipping homeowners with the best tech to protect their homes at extremely aggressive prices.
On the roadmap are more services, like gamified coaching, professional home wellness checks, AirBnB add-ons, and further insurance products.
Use of proceeds
This transitional funding round will provide us with the firepower to keep moving fast ahead of a planned Series A fundraise in Q2 2022. We plan to recruit 5,000 new members with these funds. They will be deployed in three key areas:
Fully launch our go-to-market strategy, coupling our price comparison site integrations with digital advertising, influencer campaigns, growth-hacking tactics, content-led social media campaigns, partnerships, affiliate marketing, and much more.
Research & Development. We’ve made enormous strides by building an entire insurtech stack fit for 2022, but that’s just the beginning.
Our overheads are very low compared to traditional businesses. However, we will need to grow headcount in a few key areas to keep moving fast, ensure we meet our legal and regulatory obligations and put the infrastructures in place to support future growth.
*Designs subject to change.
£10 - £99
Invitation to investor events
£100 - £999
Exclusive Locket Tote Bag
Locket Investor Lapel Pin
Invitation to investor events
£1,000 - £9,999
All the above +
Locket Protection Set: umbrella and towel
£10,000 - £19,999
All the above +
Exclusive Locket T-Shirt
Ask Me Anything session with the team (online)
All the above +
Lunch/dinner with the team
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount – conversion at a 15% discount to the valuation set by a Trigger Event.
• Valuation cap of £22,500,000 in the event of an Equity Fundraise and £15,000,000 in the event of a change of control or IPO.
• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least £3,000,000 from one transaction or a series of transactions, in exchange for the company issuing of ordinary shares;
- A Change of Control of the company (transfer of more than 50% of the share capital); or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
• Longstop Date is 31 May 2022.
• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:
- the lowest price of any shares issued after the date of this Agreement; and
- a price per share based on a pre-money company valuation of £15,000,000 on a fully diluted basis.
- The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
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