Delivery courier insurance platform Zego has raised ?1.2m in seed funding led by LocalGlobe.
Zego, formally known as Tego, offers a pay-as-you-go insurance product for scooter drivers and cars that are used for delivering food and packages. The system is hoping to help those working for a few hours or days a week, helping to cut down costs spent on full insurance schemes.
The company scooter policy costs 65p an hour and up to ?25 for a week, while car insurance goes from ?1 an hour. Drivers with safe driving records can get their premiums even cheaper.
Currently the company helps insure couriers working from companies including Deliveroo, UberEATS, Jinn and Amazon.
The capital will be used to support its technology development and increasing the size of its team.
Zego co-founder and CEO Harry Franks said, ?We want to empower people across Europe to work in the way that suits their life and commitments. Were targeting part-time drivers with a product that is particularly tailored to help them get the most out of work.
?Buying insurance should be quick and easy, mobile, flexible and transparent. You should only have to pay when you earn and that way our insurance helps you to work and take control of your expenses.p>
This investment follows the launch of its first product for car drivers which is completely underwritten by Aviva.
Copyright ? 2017 FinTech Global