Collective Benefits raises $10 million
London-based Collective Benefits, an insurance and benefits marketplace for independent workers, announced a $10 million investment from Prosus Ventures, which invests in and operates platforms that rely on independent workers. In July, Collective announced a £6 million funding round.
Founded in 2019, Collective allows companies to offer insurance and benefits to their independent workers including sick pay, accident and injury insurance, wellness, financial and education support, as well as a perks marketplace. The startup is live in over 20 markets and it serves “more than 200,000 members.”
“We’re delighted to welcome Prosus Ventures as an investor in Collective Benefits. They have significant expertise investing in and operating platforms that work with independent workers, and are an ideal partner to set the stage for Collective Benefits’ next phase of growth. We are transforming a hundred-year-old industry to finally serve the real needs and wants of the growing independent workforce. With this fresh funding, we’re one step closer to realising our vision to create valuable benefits for independent workers.” – Anthony Beilin, CEO and co-founder at Collective Benefits.
“The pandemic has accelerated the momentum of flexible and independent work. Collective Benefits is in a unique position at the forefront of the demand for independent worker benefits. The company’s mission fits well within our investment thesis to find transformational technology solutions that create a meaningful impact by addressing large societal needs. We see clear opportunities for expansion across the independent economy and we’re excited for what’s to come.” – Sandeep Bakshi, head of European investments for Prosus Ventures.