London start-up Zego has raised $42m in a series B funding round, one of the largest amounts for a European insurtech to-date. The company is looking to expand its business into new markets and says it will use this money to build out an insurance product that can be used by both consumers and businesses. Ben Kaminski, partner of lead investors Target Global, said: “With the growth of new mobility services, Zego identified a major gap in the insurance market and created a unique business model to fill it, which the incumbents will find very difficult to replicate. Zego offers flexible insurance to the ride-hailing and car and scooter-sharing sectors and, via partnerships with Deliveroo, Just Eat and Uber Eats, covers one-third of the UK's food delivery market. The latest funding will be used to help the firm expand across Europe.
London start-up Zego has raised $42m in a series B funding round, one of the largest amounts for a European insurtech to-date. The company is looking to expand its business into new markets and says it will use this money to build out an insurance product that can be used by both consumers and businesses. Zego offers flexible insurance to the ride-hailing and car and scooter-sharing sectors and, via partnerships with Deliveroo, Just Eat and Uber Eats, covers one-third of the UK's food delivery market. The latest funding will be used to help the firm expand across Europe.