Collective Benefits provides insurance and benefits tailored to independent workers, including sick pay, accident and injury insurance, wellness, financial and education support, and a perks marketplace. The company is led by CEO and co-founder Anthony Beilin. It launched less than 18 months ago and has since gone live in over 20 markets. Collective Benefits reports serving more than 200,000 members. The firm intends to use new funding to expand its suite of products and services for independent workers. It also plans to continue expanding its presence across Europe and beyond. Collective Benefits is a London-based insurtech that provides a safety net for independent and gig economy workers, offering insurance and benefits such as sick and injury pay and family and compassionate leave. Founded in late 2019, the company covers more than 200,000 independent workers across over 20 countries and works with platforms including TaskRabbit, Stuart, and Wolt. Collective conducted a survey of over 10,000 drivers, riders, and couriers, finding nearly one-third had no savings and only 58% had £1,500 saved, while just 4% reported having sick or injury pay. With the new £6 million funding, Collective plans to expand further across Europe, double its team, and add new products and services. It specifically aims to add public liability insurance and pensions to its offering. To date the firm has raised £9.3 million in total; NFX led the latest round and its general partner Pete Flint OBE will join the company's board. Collective Benefits builds a tech platform that gives gig economy workers and self-employed freelancers access to portable, affordable protections such as sick pay, family leave, mental health support and critical illness pay. Benefits follow workers between platforms rather than being tied to a single employer. The company offers its platform to on-demand service platforms to give their workforces access and is designed to boost loyalty, reduce churn and lower talent-acquisition costs. Collective Benefits announced a £3.3 million seed round and will use the funding to further growth and expand its offering for gig platforms. A consumer service aimed at freelancers is planned for later this year. The product targets a large protection gap: the article cites that 96% of UK self-employed have no income protection and 93% have no health or critical illness coverage, with PwC estimating self-employment could reach 20% of the workforce by 2025.

Total raised

$23M

Funding rounds

3

Latest round

Equity

Latest activity

Dec 2021