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.
The world is becoming more urbanised and because of this, we are moving from traditional ownership of vehicles to shared usership. This means that the rigid model of insurance that has existed for hundreds of years is no longer fit for purpose. We are extremely proud to be at the forefront of change.
