London-based Zego has raised $42M in one of the largest funding rounds for a European insurtech start-up.
The Series B round was led by Target Global, with participation from TransferWise founder Taavet Hinrikus, Latitude, and existing investors including Balderton Capital.
Balderton previously led Zego's Series A round.
Zego provides flexible insurance for the gig economy, catering to the fast-growing market of new mobility services, such as ride-hailing, ride sharing, car rental and scooter sharing.
The firm currently insures a third of the UK’s food delivery market, largely through partnerships with Deliveroo, Just Eat and Uber Eats.