Collective Benefits raises £6m to help expand the safety net for independent workers
by Startacus Admin
Innovative insurtech Collective Benefits raises investment to support expansion plans and development of new products and services for independent workers
Fab news from innovative insurtech startup Collective Benefits, with the announcement that they have raised £6m to help with their mission of expanding the safety net for independent workers.
This investment round was led by NFX, with participation from existing investors Stride VC, Delin Ventures, Insurtech Gateway and executives from Uber, Deliveroo and Urban. Serial entrepreneur and General Partner at NFX Pete Flint OBE will join the Collective board in an advisory role.
The London-headquartered startup plans to use the investment to support its expansion across Europe, increase its team as well as develop new products and services for independent workers and the on-demand companies they work with.
Although Collective has already innovated in building fully flexible insurance and benefits specifically for independent workers, from sick and injury pay to family and compassionate leave, this investment will enable the company to innovate even more products to protect independent workers’ physical, mental and financial wellbeing, from public liability insurance to pensions.
Anthony Beilin, CEO and Co-Founder at Collective Benefits said: “With NFX’s focus on network effect businesses, its technical capabilities in insurance and its well-deserved reputation as a leading early-stage VC, we felt that NFX was an ideal partner to help Collective on the next stage of our growth journey.
Pete Flint OBE, General Partner at NFX said: “I’m thrilled to have brought Collective Benefits into our portfolio at NFX. We like to partner with the startups that will define their category. Collective is a fantastic fit in that regard: a market leader that’s solving an as-yet unsolved problem – the missing safety net for independent workers – in a way that creates a win-win outcome for both independent workers themselves, and the platform companies they work with. We firmly believe that Collective has an opportunity to transform both the insurance and the on-demand economy with a blend of groundbreaking tech and razor-sharp insurance capabilities.”
Exciting times ahead for this innovative insurtech!
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Published on: 14th July 2021
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