Sten Saar – CEO of Zego photographed by Alun Callender

Insurtech Zego has become a unicorn after its value increased to $1.1bn following a $150m fundraise.

London-based Zego is a commercial motor insurer and will now focus on expanding its product across Europe and beyond.

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In addition, the firm will continue investing in technology following its acquisition of telematics company Drivit. It will also double down on its fleet offering and invest in its team, aiming to double its headcount by the end of 2021.

The latest round of funding was led by DST Global and included backers such as General Catalyse, Target Global, and also Balderton Capital.

Furthermore, General catalyst’s founder Joel Cutler joins the board at Zego.

Sten Saar, CEO and Co-founder of Zego, said: “This latest round of funding is a huge milestone for Zego. It is a testament to our relentlessly hard-working team and a clear validation of the need for Zego’s products in the market. That being said however, we see this investment as simply another step in our journey towards powering opportunities for businesses across the world. In the five years since we started Zego, we’ve covered hundreds of thousands of businesses across Europe, whether they be self-employed drivers or riders or whole fleets of vehicles, and this is just the start for us.

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“It is clear that the way people use vehicles is undoubtedly changing, and what’s become ever more apparent is that the traditional, rigid model of insurance is no longer fit for purpose. We founded Zego to offer a more effective solution for customers, and with the support of our amazing backers and the work of our team, we are in the best possible position to expand this offering on a global scale.”

Tom Stafford, managing partner of DST Global, said: “We have been following Zego since inception, and continue to be impressed by the development of the team, product and customer proposition. 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.”

Zego teamed up with Irish mobility start-up Brite Mobility to offer electric fleet coverage for the latter’s e-mopeds, e-scooters and e-bikes in Ireland.

Under the tie-up, Zego will provide insurance coverage for businesses, university campuses and delivery services that use Brite’s fleet of e-vehicles.

Furthermore, the insurtech will price the insurance based on the usage, leveraging the travel data from Brite.