Pay-as-you-go insurance startup Zego drives forward with £1.2m Investment

by Startacus Admin

Insurance Startup Zego, who provide 'pay-as-you-go/ride /drive' insurance cover for drivers working for sharing economy companies, such as Deliveroo, Jinn, UberEATS, and Amazon, have just raised another £1m+ in a seed funding round led by VC firm LocalGlobe.

Zego, previously, Tego (Until June this year), was created by people who come from the on-demand economy.
Whilst previously working for Deliveroo, Harry Franks and Sten Saar saw the way in which drivers wanting to work flexibly were constrained by their insurance. Drivers working ten hours per week were paying the same as those working sixty hours - as a result, the cost of this required insurance was too high, and flexible working wasn’t flexible at all.
The solution to Harry and Sten seemed simple - to create a time tracked insurance product that scooter and car delivery drivers only paid for

Launched approx 12 months ago, the Zego (then Tego) team quickly grew, with a third co-founder joining in Stuart Kelly as CTO. The end of 2016 saw Zego closing a round of seed funding led again by VC firm Local Globe, and by March the team was twelve strong and over 400,000 driver hours had been insured.
Fast forward to this week, and with another £1.22m in seed funding in the bag for Zego, we reckon this growing startup is on the path...road...track to a very successful rest of 2017 and beyond.
With VC Firm LocalGlobe also recently investing in Cuvva, another InsurTech startup enabling drivers to pay-as-they-drive, it seems there's plenty more room for insurance technology startups looking to offer innovative and alternative solutions to the commercial vehicle insurance sector.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Tech Nation calls for tangible support to secure capital, talent, growth and exits needed to accelerate the growth of UK tech in decade ahead.

Glasgow-based This is Milk seeks investment for Neve Learning, its cloud-based Ed-Tech platform that has inclusivity and accessibility at its core.

With the UK facing a clear digital skills gap, Amy Caton, Digital Talent and Impact Senior Manager at BT Group shares some insights on what businesses should do to close that divide.

The lowdown on Berlin-based Beazy and its innovative solution that helps teams to plan, produce and deliver creative content and helps businesses to connect with talented content creators.

The lowdown on Fluffy, the app offering dog training, 24/7 vet messaging and insurance to give pet owners peace of mind and support them with their pet care responsibilities.

Huckletree's new Web3 HQ aims to put London’s West End at the forefront of Britain’s tech superpower ambitions.

Leading sports marketing platform, OpenSponsorship announces move into music sector, the first new vertical industry for the trans-Atlantic martech business.

Kingussie High School scoops first place for Junior and Senior categories at this year’s Growing Future Assets Competition.

The lowdown on Manchester-based Arctic Shores and its innovative recruitment solution to help candidate potential count as much as skills and experience.

With the demand for tattoo removal now greater than ever, specialist NAAMA Studios makes a bid for a further £11m in funding.
Published on: 19th July 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Tech Nation report reveals UK Tech could quadruple in value by 2032 with right conditions 23rd Mar 2023 Tech Nation calls for tangible support to secure capital, talent, growth and exits needed to accelerate the growth of UK tech in decade ahead.
- Neurodiverse learning and training platform Neve shares major six-figure investment opportunity 22nd Mar 2023 Glasgow-based This is Milk seeks investment for Neve Learning, its cloud-based Ed-Tech platform that has inclusivity and accessibility at its core.
- Huckletree opens new London hub for tech companies pioneering Web3 solutions 16th Mar 2023 Huckletree's new Web3 HQ aims to put London’s West End at the forefront of Britain’s tech superpower ambitions.
- OpenSponsorship making its move into the music sector 16th Mar 2023 Leading sports marketing platform, OpenSponsorship announces move into music sector, the first new vertical industry for the trans-Atlantic martech business.