Luko Series B Pitch Deck Breakdown: All 20 Slides

Executive Summary and Vision

Slide 1-3: The Mission to Invent Homecare

The deck opens with a high-resolution lifestyle image and the bold headline "Inventing Homecare" . This immediately signals that Luko is not positioning itself as a standard fintech or insurtech company, but as a new category of service. Slide 2 introduces the founders, Raphael Vullierme and Benoit Bourdel, and establishes the company's B Corp credentials. The vision is clearly articulated on Slide 3: moving from a foundation in home insurance to a "broader Home Care companion" . They define this ecosystem as encompassing prevention, comprehensive coverage, and maintenance/repair. By framing the problem as a "broader pain" rather than just a lack of insurance, they expand their Total Addressable Market (TAM) from the outset.

The Problem: A Broken Industry

Slide 4-7: The 'Journey to Hell'

Luko uses Slide 4 to quantify the scale of the problem in Europe. They cite €100Bn spent annually on home insurance, contrasted with the physical reality of 1.5M fires, 14M water damage incidents, and 1.7M break-ins. This slide effectively highlights that despite massive spending, the underlying issues (the damages themselves) remain prevalent. Slide 5 and 6 attack the incumbents. They characterize traditional insurance as a "60-page long insurance contract" that is opaque and reactive. Slide 6 uses pop-culture imagery (Will Ferrell and Rainn Wilson) to mock traditional and direct insurers, noting that 40% of users churn after filing a claim . Slide 7 maps out the "Today's Insurance Journey... to hell," a timeline showing incentivized sales reps, a lack of prevention, and long wait times (30 minutes on the phone) only to potentially be denied a payout. This section is highly emotional and designed to make the investor feel the frustration of the current consumer experience.

Step 1: Proving the Insurance Model

Slide 8-12: Traction and Product-Market Fit

Slide 8 acts as a transition, stating their first goal was to build the "fastest growing EU home insurer." Slides 9 and 10 focus on the technological solution. They claim a user can be "Insured in 2min" by using external datasets for underwriting instead of forms. More impressively, they claim to provide a "solution in 2 hours" for claims using AI, 3D scans, and Face ID for authentication. Slide 11 introduces the "Giveback" model: a 30% flat fee for Luko, with the remainder for claims and charity. This is a critical trust-building slide, showing an NPS of 75 compared to an industry average of 20. Slide 12 provides the hard data: MRR has grown 6x since the Series A (a 12-month period), and they expected to protect 100k homes by the end of 2020. Notably, the chart shows a dip during the "COVID Lockdown" in Q2 2020, followed by a massive recovery in Q3, demonstrating resilience.

Step 2: The Future of Home Care

Slide 13-16: Scaling the Ecosystem

The second half of the deck shifts to the future. Slide 14 outlines the roadmap from being a Managing General Agent (MGA) in France to becoming a "Full stack insurer" across Europe by 2022-2023. This is a significant regulatory and capital-intensive shift. Slide 15 visualizes the "Home Care companion" app, which includes features like monitoring front door locks, power usage, and water leaks (Protect), managing multiple coverages (Cover), and booking plumbers or locksmiths (Care). Slide 16 introduces the "Luko Delight flywheel." The logic is that by preventing accidents and reducing fraud through data, they improve underwriting and economics. This allows them to cross-sell higher LTV products and acquire high-value customers through word-of-mouth, which in turn gathers more data to further prevent accidents. It is a classic virtuous cycle slide intended to show how the business becomes more defensible as it scales.

The Team and Ambition

Slide 17-20: The €10Bn Goal

Slide 17 sets the ultimate target: "Towards a €10Bn+ company." This is a standard "venture scale" claim for a Series B. Slide 18 is a comprehensive team slide. It lists the two founders and then breaks down the rest of the 81-person team into four categories: Ops & Admin (25), Tech & Product (34), Growth (12), and Insurance (6) . The slide highlights impressive pedigrees, including former employees from Airbnb, Uber, BCG, and AXA. This suggests a balanced mix of high-growth tech experience and deep industry expertise (e.g., a Chief Actuary from Admiral France). The deck concludes on Slide 19 with a repeat of the "Inventing HomeCare" branding, providing a cohesive bookend to the presentation.

What Luko Does Well

The deck is exceptionally strong at narrative arc . It doesn't just present a product; it presents a transformation of an entire category. By splitting the deck into "Step 1" (what we've proven) and "Step 2" (where we are going), they provide investors with both the security of existing traction and the excitement of a massive future vision. The use of the B Corp status and the Giveback model serves as a powerful differentiator in a commoditized industry like insurance, suggesting that Luko has a structural advantage in customer acquisition and retention because their interests are aligned with the user. The visual design is clean, modern, and uses mobile app mockups effectively to make the technology feel tangible.

What is Missing

Despite its success, the deck has several notable omissions. First, there is no explicit 'Ask' slide . While we know from the catalogue that they raised $61M, the deck itself does not state the amount sought or the specific allocation of those funds. Second, unit economics are vague . While they mention "improving economics" and a "30% flat fee," they do not provide specific figures for Customer Acquisition Cost (CAC) or the Lifetime Value (LTV) of their different customer segments (e.g., renters vs. owners). Third, the competitive landscape is treated dismissively. By using memes to represent competitors, they avoid a rigorous comparison with other neo-insurers like Lemonade or Alan, which would have been a primary concern for Series B investors. Finally, there are no detailed financial projections beyond the MRR growth chart, leaving the path to the "€10Bn+" valuation largely to the investor's imagination.

Founder Takeaways

1. Sell the 'Step 2' early: If you are in a crowded market like insurance, don't just pitch a better version of the existing product. Pitch the ecosystem that the product enables. Luko isn't just selling insurance; they are selling a 'Home Care companion.' 2. Use 'Trust' as a feature: In industries with low consumer trust, your business model can be your strongest marketing tool. Luko's 30% flat fee and charity giveback is a brilliant way to 'productize' honesty. 3. Quantify the 'Journey to Hell': Don't just say the current solution is bad. Map out the customer journey, highlight the specific pain points (like 30-minute hold times), and then show exactly how your tech eliminates those steps. 4. Show resilience: If your growth was impacted by external shocks (like COVID-19), show the recovery. Luko's MRR chart (Slide 12) is more impressive because it shows they could grow 6x despite a three-month hard lockdown.