UK Insurtech Unicorn: Zego Raises $150 Million at $1.1 Billion Valuation
Insurtech
Zego says it has raised $150 million at a $1.1 billion valuation thus emerging as the UK’s first Insurtech unicorn.
Zego is an automobile insurance provider for businesses, from entire fleets of vehicles to self-employed drivers and riders. Zego believes that the problem with traditional insurance is its too expensive and time-consuming, and it no longer suits businesses who use vehicles to earn money. To date, Zego has raised $200 million.
The latest round of funding (said to be the largest ever raised by a UK-founded Insurtech), was led by DST Global and includes other new backers such as General Catalyst, whose founder and MD, Joel Cutler will join Zego’s board.