Pay-as-you-go insurer Collective Benefits secures second investment this year

Collective Benefits, a pay-as-you-go insurance service, has collected $10m in its Series B funding round.

Technology-focused investment firm Prosus Ventures served as the led the round. Prosus has backed several FinTech companies over the years, including PayU, Remitly and PaySense.

The InsurTech company is looking to capitalise on the shift towards a flexible workforce. One of its growth initiatives will be expanding its cover and partnerships beyond Europe to the Middle East and Asia. It also plans to grow its team in the UK and the Netherlands.

Collective Benefits is also set to launch its accident detection and emergency response solution, which is aimed at helping workers when they need it. The InsurTech also plans to enhance its educational content and community building so members can better understand their benefits and support them in all areas of their working lives.

The InsurTech, which was founded in 2019, is an all-in-one solution for pay-as-you go insurance and rewards. Users can choose the protections they want, including accident and injury cover, sick pay and income protection, public liability insurance and rider protection. It also offers health and wellness solutions, including mental health support, digital physio, digital GP and more.

This Series B round comes just months after it secured £6m in funding from NFX, a US-based venture capital firm.

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