Zego’s losses increase in 2022

Commercial car insurance startup Zego has shared its financial results for the year ending December 31, 2022.

The UK-based startup, which has operations in other European countries, reported a £59 million loss for the year, a significant increase compared to the £36 million loss that was recorded in 2021.

Net revenue for the year stood at £11.5 million, a slight increase compared to 2021 (£10.8 million).

Staff costs increased from £30 million in 2021 to £48 million in 2022. The startup shared that operating expenses increased due to heavy investments in its infrastructure to build a leaner and more agile tech stack, as well as bringing claims handling in-house. Zego reduced its workforce last year.

The startup raised $281 million to date and its last publicly disclosed funding round closed in December 2021.