Zego, a London, UK-based pay-as-you go insurance provider, raised £6m in Series A funding.
Backers included Balderton Capital, LocalGlobe and angel investors.
The company intends to use the funds to hire more specialists for its engineering team, as well as staff to build key business functions, and to expand internationally in the next six months.
Co-founded by Harry Franks, CEO, Sten Saar, COO, and Stuart Kelly, CTO, Zego aims to fill the gap created by platform businesses such as Deliveroo, Quipup, Uber and Uber Eats, which do not consider their workers to be employed by providing insurance for part-time drivers and riders, who can pay for cover only for the hours they work.
The policy, bought through an app with flexible payments that can be topped up like a pay-as-you-go phone, is underwritten by a panel of insurers including Aviva.
The company currently has 33 employees.