Collective Benefits rakes in £6m to aid expansion, bolster worker safety net

UK Insurtech startup Collective Benefits has secured £6m in a funding round led by US venture firm NFX.

Following the funding, NFX general partner Pete Flint will join the Collective Benefits board of directors.

Established in 2019, Collective provides insurance and benefits to over 200,000 independent workers across 20 countries.

Collective claims it aims to fix the protection gap in the gig economy, which will let self-employed workers access basic benefits such as family leave and sick pay, as well as other safeguards like mental health support and critical injury pay.

According to Collective, it plans to use the investment to further expand its reach across Europe, double the size of its team and develop new products and services for independent workers and the on-demand companies they work with, addressing the growing demand for insurance and benefits in the platform economy.

Collective Benefits CEO and co-founder Anthony Belin said, “We see NFX’s investment in Collective as a major vote of confidence in our ability to solve the protection gap problem for tens of millions of independent workers across the UK and Europe.

“With its focus on network effect businesses, its technical capabilities in insurance and its well-deserved reputation as a leading early-stage VC, we felt that NFX was an ideal partner to help Collective on the next stage of our growth journey.

“We look forward to working closely with Pete Flint, who we welcome onto our board with his extensive scaling and investment experience, and the wider NFX team as we support the individuals that until now have been underserved as well as the companies that are propelling our economy forward.”

In February 2020, Collective bagged £3.3m in a funding round. The round was supported by Stride.VC and previous Collective Benefits backers Insurtech Gateway, Delin Ventures and angel investors.

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