Zego, a London based insurtech company, announced early in March 2021 that it has secured US $ 150 million in its Series C round of funding. The round was led by DST global.
Investors: DST global is a Hong Kong based investment firm founded in 2009 by Yuri Milner. It has its offices in London, New York, Beijing, Hong Kong and Silicon Valley. It primarily makes investments in the world’s leading technology and investment companies and its portfolio includes technology giants like Facebook, Snapchat, Airbnb, Flipcart, Alibaba and more.
“The shift to digital is occurring across multiple industry categories and is increasingly occurring in the insurance industry. We are excited to partner with Sten and the team at Zego as they leverage internet, technology, telematics and data-driven decisions to provide the best insurance products at the best pricing for their customers.”–Tom Stafford, managing partner at DST global.
Apart from DST global as the lead investor, the round also witnessed backing from General Catalyst, Target Global, Balderton Capital and more.
The investment, according to Zego would be utilised to double its headcount to around 500 by the end of 2021, expand its reach and invest in technology.
About Zego:
Zego was founded in April 2016 with Harry Franks, Sten Saar and Stuart Kelly as the co-founders.
It essentially offers motor insurance to businesses spanning from self-employed drivers to riders of fleets of vehicles.
Zego believes traditional insurance policies are expensive, time-consuming and complicated preventing businesses from reaching their full potential. It seeks to serve businesses better and help them reach their full potential.
What the CEO has to say:
“While most traditional insurers price their insurance products based purely on factors such as age and vehicle type, and while others may use telematics-based driver behaviour data too, Zego is able to price policies based not only on traditional factors, but also driver behaviour data and working habits data. In fact, overall, the information Zego can collect amounts to five times more data per vehicle than competitors, or 50 data points per second. This means that we have a much more comprehensive understanding of risk than competitors, enabling us to provide best-value insurance coverage, from policies ranging from one hour to one year”–Sten Saar, CEO and co-founder of Zego.
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