Zego raises $150M in series C funding, becomes UK's first insurtech unicorn

Commercial motor insurance provider Zego has become the U.K.'s first insurtech unicorn after raising $150 million at a valuation of $1.1 billion for its series C funding round.

DST Global led the funding round, TechCrunch reported. General Catalyst Group Management LLC is a new investor, and founder and Managing Director Joel Cutler joins Zego's board.

Zego, a trading name of Extracover Ltd., said proceeds will be used for its expansion plans for "Europe and beyond," and to double its workforce to over 500 employees by the end of 2021.