Zego, the insurtech that got its start by offering flexible motorbike insurance for gig economy workers but has since expanded with a range of tech-enabled commercial motor insurance products, has raised $150 million.
Leading the London-based company’s C round — giving it a $1.1 billion valuation and a unicorn status — is DST Global. Other new backers include General Catalyst, whose founder and MD, Joel Cutler, joins Zego’s board.
Notably, I’m told all existing investors followed on, including Wise’s Taavet Hinrikus, who is also on the Zego board, and Target Global, Balderton Capital and Latitude. Zego has now raised more than $200 million since launching in 2016.
The insurance company says it will use the funding to “rapidly expand across Europe and beyond”. It will also double its workforce, which currently stands at 265 employees, to over 500 employees by the end of 2021, and continue to invest in technology. Late last year, Zeho acquired telematics company Drivit.
Zego offers commercial motor insurance for businesses, from self-employed drivers and riders to fleets of vehicles, spanning pay-as-you-go insurance to annual policies. It combines tech with multiple data sources to offer insurance products that it claims save time and are more cost-effective. It earned its own insurance license in 2019, enabling it to build and sell its own policies, in addition to working alongside other insurers.
Technical/data integrations include those with companies in the ride-hailing space, such as (Read more...)