Zego’s pay-as-you-go commercial insurance is aimed at the growing gig economy workforce, estimated to include 150m people globally. Its app synchronises with customers’ work platforms to automatically calculate the hours they work, and provide them with cover. It says it provides an alternative to expensive annual policies, which can cost up to £125 per month; Zego’s cover starts at 55p an hour and is underwritten by insurers such as Aviva. Chief executive Harry Franks, 32 and chief operating officer Sten Saar, 31, previously worked at Deliveroo and founded the business in 2016 with chief technology officer Stuart Kelly, 34. Since the app’s launch in August 2016, it has insured over 1.4m hours of cover for car and scooter owners at companies such as Deliveroo and UberEats. It raised £1.2m in seed funding in July, and a further £6m in November, in a round led by Balderton Capital.

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Company details
Year2017
CompanyZego
ActivityPay-as-you-go insurance
LocationCentral London
Founded2016
Websitewww.zegocover.com

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* supplied by company † annualised figure