Zego bags $150M and becomes UK’s first-ever insurtech unicorn

London-based insurtech Zego raised $150 million (nearly £108 million) Series C funding in the largest ever funding round by any insurtechs in the region. As a result, it becomes the first UK insurtech unicorn with a valuation of $1.1 billion.

Zego is the third unicorn for the UK in 2021, after fintechs PPRO and Starling Bank.

Intends to accelerate European expansion

The Series C round funding round was led by DST Global along with other new investors including General Catalyst. The existing investors such as Transferwise founder, Taavet Hinrikus, and Zego’s board, Target Global, Balderton Capital and Latitude, amongst others, took part in the round. Also, Joel Cutler, founder and MD of General Catalyst, joins Zego’s board.Z

Zegowill use the funding to expand across Europe rapidly and beyond. The company will continue to invest in technology, following its recent acquisition of Drivit, a telematics company and will double down on its fleet offering. Also, Zego will continue to invest in its team, especially across product, engineering and data science, as it aims to double headcount by the end of 2021.

Estonian Sten Saar is one of the three founders of Zego. One of the Zego’s investors is an Estonian, Taavet Hinrikus, serial unicorn builder and founder of Wise (former TransferWise).

Sten Saar, CEO and Co-founder of Zego, said: “This latest round of funding is a huge milestone for Zego. It is a testament to our relentlessly hard-working team and a clear validation of the need for Zego’s products in the market. That being said however, we see this investment as simply another step in our journey towards powering opportunities for businesses across the world.”

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