Collective raises £6m to expand the safety net for independent workers

What would you do if you had £6 million? Well, at Collective we’ve given that question quite a bit of thought. We recently raised a further £6 million in investment, and we have some very big plans.
Anthony Beilin
Chief Executive and Co-Founder
Collective Benefits
Some big news

We’re thrilled to announce that we’ve raised an extra £6 million in funding to help us continue expanding the safety net for independent workers across Europe.

As well as further funding from all of our wonderful existing investors, Delin Ventures, Stride.VC and Insurtech Gateway, we’re delighted to welcome on board NFX, a leading Silicon Valley venture fund, as well as our lead investor for this round. 

To top it all off, Pete Flint OBE, a General Partner at NFX who was on the founding teams at companies like and Trulia, will be joining Collective’s board. We couldn’t be more excited!

An even bigger thank you

We’d like to sincerely thank all of our partners, suppliers and members for believing in us all the way and helping us get here. 

It’s hard to believe we launched our first cohort of partners just over a year ago. In an incredibly short space of time, we’ve teamed up with some of the best and biggest on-demand platforms out there, from TaskRabbit to Stuart and Wolt, and are now providing key protections to over 200,000 independent workers, in 20 countries across Europe. It’s been an absolute privilege, and we couldn’t have done it without you.

So what now?

Now for the big question - what would you do if you had £6 million?

Well, at Collective we’ve given that question quite a bit of thought. We think something needs to be done to expand the safety net for independent workers. Right now…

  • There are 6.6 million independent workers in the UK
  • 96% have no sick pay, accident pay, family leave or compassionate leave
  • ⅓ have no savings at all

We’re on a mission to change all that. 

“We like to partner with the startups that will define their category. Collective is a fantastic fit in that regard: a market leader that’s solving an as-yet unsolved problem - the missing safety net for independent workers - in a way that creates a win-win outcome for both independent workers themselves, and the platform companies they work with."

—Pete Flint, General Partner at NFX

In the coming months we’re going to double our top-notch team, expand our reach across Europe, and develop even more benefits for independent workers, from public liability to pensions. Protecting independent workers’ physical, financial and mental wellbeing, and making independent work, work for everyone. 

It may not be a private island in Hawaii, but we think that’s a pretty good way to spend £6 million.

Read the full story in CItyAM here: https://www.cityam.com/collective-raises-6m-with-silicon-valley-nfx-amid-growing-demands-for-gig-worker-benefits/

July 14, 2021