London-based insurtech Zego raises $150 million, joins the unicorn ranks with $1.1 billion valuation
Summary
The Series-C funding round was led by DST Global and included participation from new investor General Catalyst, as well as all of Zego’s existing investors including TransferWise founder, Taavet Hinrikus, Target Global, Balderton Capital and Latitude. As part of the deal, General Catalyst founder and MD, Joel Cutler will join Zego’s board. Zego is a commercial motor insurance company that provides opportunities for businesses; everything from self-employed drivers and riders to entire fleets of vehicles. To date, Zego has provided more than 17 million insurance policies and covered more than 200,000 vehicles in five countries. “It is clear that the way people use vehicles is undoubtedly changing, and what’s become ever more apparent is that the traditional, rigid model of insurance is no longer fit for purpose.
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