The UK-based full-stack insurtech has raised $150 million, reaching a $1.1 billion valuation, per TechCrunch. Zego provides usage-based auto insurance for vehicle fleets and gig economy workers on platforms such as Uber and Deliveroo. It also has a B2B arm where it partners with companies directly, such as escooter rental startups, to offer insurance to end users. The insurtech will use the funding to continue expanding across Europe, grow its staff, and invest in its technology.
Zego’s application of telematics technology to the booming gig economy secured its path to unicorn status.
Licensed in Europe, Zego can continue to expand across the continent despite Brexit barriers, broadening its addressable market. Zego received a broking license from Dutch regulator AFM last December, allowing it to continue partnering with European firms, including escooter startup Dott in France and ehailing app FREE NOW in Ireland, just as UK licenses became invalid post-Brexit on January 1, 2021. Zego can now expand uninhibited across the EU, where 11% of the workforce has done gig work and escooter startups are growing rapidly—creating further partnership opportunities.
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