London-based gig economy InsurTech startup Zego has sold more than 100 million hours’ worth of flexible policies.
Zego was founded in 2016 to offer gig economy stakeholder more flexible insurance. Since then, it has bagged £6m through a fund-raising round led by Balderton and insured the equivalent of 267 million pizza deliveries, 500 million e-scooter rides or 137,000 months of on-demand car subscriptions.
The company has now insured a third of the UK’s food delivery market through partnerships with Deliveroo, Just Eat and Uber Eats.
Zego recently raised $42m in one of the largest funding rounds for a European InsurTech startup to fuel its international expansion and double its workforce to 150, in order to capitalise on the growing new mobility market.
Sten Saar, CEO and co-founder of Zego, said, “Hitting 100 million hours of policies sold is a major milestone for Zego and we expect this figure to significantly grow as we continue to expand rapidly across Europe. At Zego, we have recognised a gap in the insurance market and built a unique business model to fill it. Our digital-first approach to insurance places us at the forefront of new mobility services, and we look forward to forming new partnerships in the space.”
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