Zego raises $150 million
London-based provider of pay-as-you-go insurance Zego has become the UK’s first insurtech unicorn after raising $150 million in a Series C funding round, valuing the company at $1.1 billion. The round was led by DST Global with General Catalyst, Balderton Capital, Latitude, Socii Capital, and Target Global as participants. To date, the company has raised ~$201.74 million.
Founded in 2016, Zego is a team of ~233 employees 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. Zego offers a range of cover options from flexible pay-as-you-go insurance to annual policies, and, so far, has provided more than 17 million insurance policies and covered more than 200,000 vehicles in five countries.