Flexible insurer Zego has set its sights on more European bases following a $42 million Series B round led by Target Global, Jane Connolly writes.
FStech reports that TransferWise founder, Taavet Hinrikus, Latitude and existing investors, Balderton Capital and Tom Stafford of DST Global also participated in the round. Taavet Hinrikus and Target Global’s partner, Ben Kaminski will join Zego’s board.
The London-based insurtech, which was founded to provide a range of policy styles for gig economy workers, and will use the funds to double its 75-strong workforce. With current bases in the UK, Ireland and Spain, Zego also plans to expand into more European countries this year.
“When we built Zego from scratch three years ago, our mission was to transform the insurance sector by creating products which truly reflected the rapidly changing world of transport,” says Zego co-founder and chief executive, Sten Saar.
“We’ve already come a long way since then and the latest funding round paves the way for an exciting new chapter as we expand through Europe.”
Since its launch, Zego has increased its offering to cover emerging mobility services, such as ride hailing and transport sharing. The aim is to offer more flexibility than traditional insurers, ranging from minute-by-minute insurance to annual policies.