Gig Worker Insurance Platform Collective Benefits Raises $10 Million

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Collective Benefits, an insurance platform for freelancers and self-employed workers, has raised $10 million in an injection of fresh capital from investment giant Prosus.

The London start-up provides insurance and benefits to self-employed workers and those working in temporary jobs, such as sick pay or accident coverage.

It was launched last year and is now active in 20 markets. It said it has 250,000 users on its service and it works with platform companies like Wolt, Just Eat, and Weezy food delivery apparel.

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This latest investment comes just a few months after NFX raised €7 million. CEO Anthony Bellin said Collective Benefits plans to invest significantly in expanding its team and expanding its presence globally while developing more local features for those markets. It currently operates in several European countries in addition to Israel and Japan.

“I want to support the biggest platforms in this space, and I think in order to do that, we have to be able to support them wherever they work,” Beilin said.

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He added that group benefits had no immediate plans to enter the US market.

“I think a lot of Europe-based operators typically operate in the European Union, the Middle East, North Africa, Asia Pacific, Latin America and the Caribbean. And fewer Europeans are going to the United States,” he said.

“The US usually has a much stronger domestic market, which is Doordash, Intsacart and Lyft, which are mainly US-focused companies, which means you have to have a hyper-local presence in the US, particularly California. This has cost and focus implications. .”

Among the group benefit offerings are insurance for workers in temporary jobs and sick leave payment for workers who would otherwise be in precarious and precarious working conditions, such as food delivery.

Changing regulatory environments in some countries have prompted some companies to start implementing benefits and insurance programmes. Glovo last week launched a campaign to offer benefits to all of its passengers.

“I think we see worker welfare and social impact high on the agenda and I think that has made companies more focused and eager to fix challenges that we can support,” Beilin said.

“Policy makers, legislators, and courts should in fact encourage the provision of protection, insurance, and support for worker welfare regardless of which employee model they choose to participate in. I believe this will go a long way to help bridge the social contract gap that we have seen fracturing due to the continued proliferation of digital platforms.”

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