Zego, a London, UK-based insurtech company, raised $42m in Series B funding.
The round was led by Target Global, with participation from TransferWise founder Taavet Hinrikus, Latitude Balderton Capital and Tom Stafford of DST Global. In conjunction with the funding, Target Global’s Partner Ben Kaminski and Taavet Hinrikus joined Zego’s board.
The company, has now raised more than $51m, intends to use the proceeds to enhance its tech platform and to accelerate expansion across Europe and double its workforce from 75 to 150, adding to its current bases in the UK, Ireland and Spain.
Founded in 2016 and led by Sten Saar, CEO, Zego is an insurer specializing in flexible insurance for new mobility service providers, offering customised policies to freelancers, businesses, the self-employed and independent contractors.
The company started with flexible insurance for the gig economy and has since expanded its B2B offering to cater to the market of new mobility services, such as ride hailing, ride sharing, car rental and scooter sharing. It offers a range of policies from minute-by-minute insurance to annual cover, providing far more flexibility than traditional insurers, with pricing based on usage data from vehicles.
The company has provided over 75 million hours of insurance protection to over 34,000 vehicles.