London-based insurtech Zego raises €37.5M Series B backed by TransferWise founder, aims to rapidly expand operations throughout Europe

London-based insurtech Zego raises €37.5M Series B backed by TransferWise founder, aims to rapidly expand operations throughout Europe

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London startup Zego is an insurtech startup specialising in flexible insurance. Its insurance solutions are aimed at highly customised policies to businesses, freelancers, independent contractors and mobility service providers such as Uber and Deliveroo.

Zego was founded in 2016 by Harry Franks, Sten Saar and Stuart Kelly with the intention to provide contemporary insurance solutions. As the annual insurance policies do not suit the modern enterprises and businesses, this insurtech platform offers more flexible, better and simpler policies that are relevant in the modern world.

Raises €37.5 million funding!

Recently, the London-based insurtech firm has raised $42 million (nearly €37.5 million) funding. This is touted to be one of the largest funding rounds in the European insurtech industry. The Series B funding round was led by pan-European investment firm Target Global along with participation from specialists in the mobility and fintech sectors and others including Taavet Hinrikus, the founder of TransferWise.

With this Series B funding round, the overall funding raised by Zego totals to $51 million (nearly €45.5 million). And, new investors including Latitude join the existing backers Tom Stafford and Balderton Capital.

New board members of Zego

With this investment, Zego’s board gets new members. Well, Target Global’s Partner Ben Kaminski and Taavet Hinrikus of TransferWise join Zego’s board.

Eyes to set food in many Europe countries!

With the latest round of investment, Zego aims to enhance its tech platform. Also, it is eyeing to expand its presence in many more European countries by the year-end, adding to its current bases in the UK, Ireland and Spain. Besides expansion, the rapidly growing insurtech platform is in plans to double its team from 75 to 150 by hiring data scientists, engineers and operations and pricing specialists.

Offers flexible insurance policies

Zego sets itself apart in the insurtech industry by launching flexible insurance policies instead of the traditional annual cover. It offers even minute-by-minute insurance cover to users and charges them based on the same. Due to this approach, it is popular with car and scooter delivery drivers and taxi fleets.

A wide range of clientele

Thanks to its flexible approach, Zego insures one-third of the food delivery market in the UK. Also, it has partnered with food delivery service providers including Just Eat, Uber Eats and Deliveroo.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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