Zego acquires telematics company Drivit
London-based provider of pay-as-you-go insurance Zego , which operates in the UK, Ireland, France, Belgium and Spain, has acquired driving analytics company Drivit to help it collect real-time driver behavior data in-house.
The deal follows a partnership with Drivit in which Zego tested and launched telematics-based policies. “We are pleased to say that the Drivit team, who are based in Portugal, will be fully incorporated into Zego, just as their market-leading technology is already embedded into the Zego Sense app, which we launched recently.”
Drivit was founded in 1996 and according to LinkedIn is a team of 4. Zego, on the other hand, is a team of almost 200 employees, it secured $52 million in financing across 5 rounds with its latest round – a $42 million Series B – announced last summer, and it has come along way from first introducing its Tego Cover, an on-demand coverage for delivery drivers meant to address how flexible working wasn’t flexible at all, as it now offers coverage to individuals and fleets and has several integrations in place with the likes of Deliveroo and Uber.
“At Zego, we want to revolutionise the way that commercial motor insurance is priced, and I believe that this acquisition is an important step towards achieving this goal. Owning a market-leading telematics solution gives us the ability to not only collect real-time behavioural data, but also crucially to layer this information on top of our other existing data sources. A data-centric approach is key to Zego’s strategy going forward and the acquisition of a pioneering telematics company like Drivit will help us to lay the foundation for future innovation and disruption in the industry.” – Zego co-founder and CEO, Sten Saar.
“Drivit was created to untangle the constraints of existing telematics technologies, helping car insurers to develop a new breadth of products and services that use driving behaviour and contextual data to cater to the specific needs of each driver. We are embarking on this journey with Zego not only because its mission perfectly aligns with the role we envisioned for Drivit in the world, but also because it is uniquely positioned to dramatically accelerate this shared vision into becoming a reality.” – Drivit co-founder Gonçalo Farinha.