Target Global leads $42m round for Zego

Existing investors including Balderton Capital also took part in the round, alongside TransferWise founder Taavet Hinrikus.

Zego will use the fresh capital to pursue European expansion, invest in product development and double its headcount from 75 to 150. According to a statement, the business has grown by 900% in the last year.

Target Global partner Ben Kaminski and Hinrikus will take seats on the company's board of directors as part of the deal.

Previous funding
Zego raised two rounds of funding in 2017, with LocalGlobe leading an initial £1.2m seed funding round for the company in July of that year. Four months later, Balderton led a £6m series-A round, with LocalGlobe and a number of angel investors also taking part.

Company
Founded in 2016, London-headquartered Zego provides insurance on a permanent and pay-as-you-go basis. It provides transport-related products including private hire, delivery driver, scooter, van, cyclist and fleet insurance via an e-commerce platform. The business has additional operations in Ireland and Spain, and has partnerships with food delivery businesses including Deliveroo, Just Eat and Uber Eats.

People
Target Global – Ben Kaminski (partner).
Zego – Sten Saar (CEO, co-founder).

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