The rise of the gig economy helps London-based insurtech Zego to raise $42M

Zego, a company which offers insurance for gig-economy workers, announced a $42million raise in one of the largest funding rounds for a European insurtech start-up. The Series B investment was led by pan-European investment firm Target Global, specialists in the fintech and mobility space, with other backers including TransferWise founder Taavet Hinrikus.

The investment comes as the company claims a whopping 900% growth over the past 12 months. The London-based startup caters to the new mobility services, such as ride-hailing, ride sharing, car rental and scooter sharing and offers a range of policies from minute-by-minute insurance to annual cover, providing more flexibility than traditional insurers, with pricing based on usage data from vehicles.

The proceeds will be used to for Zego’s expansion across Europe and to increase the workforce from 75 to 150.

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