Collective Benefits, a UK-based insurance platform for self-employed workers, has secured a total of 3.3 million through its seed funding round. Founded in 2019, Collective Benefits gives freelancers “the safety net” they deserve.
“There are now 6 million self-employed workers in the UK and we believe they deserve the same benefits and protections as employees. Despite this shift in the way we work, those in the gig economy are left under-served and under protected. Today’s insurance products are hopelessly outdated, and fail to provide the type of cover the modern freelancer both wants and needs. We’re on a mission to fix this.”
The company also reported that it has attracted funding from various venture capital firms, including Stride.VC, Delin Ventures, and Insurtech Gateway. Speaking about Collective Benefits development, Anthony Beilin, Chief Executive and Co-Founder of Collective Benefits, stated he and co-founder Benjamin Hay took the risk and left their jobs at Virgin and Aviva to launch the company.
“We ventured into uncharted territory after being horrified to discover that in the United Kingdom, 93 percent of a record six million self-employed workers have neither health nor critical illness cover, according to Scottish Widows research. That figure counts both higher-paid freelancers such as designers, consultants and writers to the more vulnerable gig worker. The realisation that millions of people were – and still are – leaving themselves financially vulnerable, doing their jobs and going about their lives without adequate financial protection, spurred us on. At Collective Benefits, we believe every individual has a right to work without worry. Benjamin and I made it our mission to build the first platform offering a safety net of protection and benefits the self-employed, freelance, and gig-economy workers need and deserve.”
The funds from the seed round will be used to continue the growth and development of the Collective Benefits platform.