Zego was created by people who come from the on-demand economy. Whilst working for Deliveroo, Harry and Sten 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. Having looked across the market for a product, and with no success, it was clear there was a need and so they set out to create the product themselves.
London-based Zego raised £6 million in Series A funding in a round led by Balderton Capital, with participation from existing backers, including LocalGlobe and unnamed angel investors in the insurance sector. The company plans to use the new capital to increase engineering and other headcount as it launches further insurance products and expands internationally.