Paris (27-Jan-2022) – Beloy, the fastest growing European insurtech for platform workers, exceeded their expected Series A fundraising goal, securing $9.2 million in a new investment round. The financing was led by Elaia Ventures and included contributions from existing investors Mosaic Ventures, as well as notable angel investors such as Andreas Neuber, Christof Kutscher, Chris Varelas, Curtis Scott, Frederic Tardy, Jon McNeill, Julien Codorniou, and Oleg Tscheltzoff. This brings Beloy’s total fundraising to nearly $13 million over the past 15 months.

Beloy addresses the growing income protection needs of platform workers such as gig workers, freelancers, and temporary workers. Their coverage includes protection benefits for liability, work accidents, sick pay, and other business interruptions common to platform workers. Beloy has also introduced innovative benefits like #CoviSure — the market’s first income protection offering simple cash benefits in case of COVID-19 infection. With this fresh Series A investment, Beloy plans to accelerate product and market innovations aligned with its vision.

These customized programs are powered by Beloy’s proprietary technology, enabling platform workers to access affordable, usage-based protections through a single intuitive interface. Platforms benefit from Beloy’s unique technology, which provides a consolidated view of multi-country programs and proactively manages community safety.

Over the past year, Beloy has partnered with more than 20 European platforms, including Deliveroo, Brigad, and Helpling, to protect their communities of platform workers.

The diverse Beloy team brings extensive experience across insurance, payments, banking, e-commerce, and the sharing economy. The team has pioneered some of the largest gig protection programs globally since 2017. This Series A investment will fund new hires to expand the team to 70 employees worldwide.

“The income protection gap faced by platform workers threatens the ability to build a flexible future of work and consequently sustainable societies. It is not only a global issue but also a generational one. We believe platform workers are the new middle class of this century, and we must urgently address their financial well-being and protection. We are humbled by the continued trust of our investors to pursue and scale this mission,” said Vikas Chhariya, Founder & CEO of Beloy.

“We believe Beloy tackles a massive and critical issue: the platform economy is one of the most important revolutions of the past decade. But this surge of new usages, along with its benefits in employment and productivity, comes with a price: balancing innovation with fair treatment of workers. Beloy enters the market at the perfect time with the best solution. We identified a top-tier team combining impressive market expertise and a solid execution mindset. We strongly believe in their ability to deliver their ambitious vision and are proud to support them in this new phase,” explained Armelle de Tinguy, Investment Director at Elaia.

“Our quest to enhance rider safety through risk and incident data analysis was fully understood by Beloy, alongside their competitive pricing. They tailored their proposal to meet all stakeholders’ needs. A very professional and knowledgeable team,” said Patrick Smith, founder & executive director of Tribe Advisory — Deliveroo’s global insurance consultant.

“We are thrilled to support Beloy again with this new fundraising, reinforcing our commitment to their unique mission to empower gig workers for a more sustainable future. Their initial traction with leading labour marketplaces strongly validates the importance of Beloy’s protection products, which will underpin the future of independent work in our society,” said Toby Coppel, Co-founder and Partner, Mosaic Ventures.

About Beloy:
Beloy SAS is a leading European insurtech based in Paris, France, pioneering social protections for platform workers through several innovations. They collaborate with various labor platforms engaging blue- and white-collar workers to design custom, affordable pan-European protections. More information at beloy.eu

Contact: vc@beloy.eu