Zego, a London, UK-based motor insurtech company, raised $150m in a Series C funding round valuing it at $1.1 billion.
The round was led by DST Global, with participation from new backers General Catalyst, whose founder and MD, Joel Cutler, joins Zego’s board, and existing investors Taavet Hinrikus, Target Global, Balderton Capital and Latitude, amongst others.
The company intends to use the funds to accelerate its growth in the commercial motor insurance market across Europe and beyond, to double its workforce to over 500 employees, to invest in technology, following its recent acquisition of telematics company Drivit.
Led by Sten Saar, CEO and Co-founder, Zego is a commercial motor insurer, which combines technology and data sources to understand risk and provide businesses, from self-employed drivers and riders to entire fleets of vehicles, a range of cover options from flexible pay-as-you-go insurance to annual policies. So far, the company has provided more than 17 million insurance policies and covered more than 200,000 vehicles in five countries.