Indeez taps in $9.2 million to develop safety net for independent workers

In the post-covid times, there has been an increase in the number of independent workers. However, the income protection gap faced by these independent workers threatens the ability to build a flexible future of work and consequently sustainable societies. Tackling this global issue is Parisian insurtech Indeez, which has raised $9.2 million in a Series A round.

The funding was led by Elaia Ventures along with participation from existing investors such as Mosaic Ventures, as well as several notable angel investors, including Andreas Neuber, Christof Kutscher, Jon McNeill, Curtis Scott, Frederic Tardy, and Oleg Tscheltzoff. The round brings the platform’s total fundraising to almost $13 million in the past 15 months.

Founded in 2020 by Vikas Chhariya, the French startup is on a mission to address the growing income protection needs of platform workers such as gig workers, freelancers, temporary workers, etc. These include protection benefits for liability, work accidents, sick pay, and other everyday business interruptions faced by platform workers.

The startup has also launched new innovative benefits such as CoviSure, the market-first income protection with simple cash benefits in case of Covid infection. Through its fresh Series A investment, it will further develop new products and market innovations in line with its vision.

“We believe that independent workers are the new middle class of this century and we need to urgently solve for their financial well-being and protection. We are humbled by the continued belief of our investors to pursue and scale this mission” said Vikas Chhariya, CEO of Indeez.

Armelle de Tinguy, Investment Director at Elaia said: “Indeez tackles a critical issue of the gig economy. This surge of new usages and its benefits in terms of employment and productivity does come with a price. The challenge is how to balance innovation with a fair deal for workers. This platform is the best solution to address the issue.”

These customised programmes are powered by its proprietary technology that allows platform workers to access affordable and usage-based protections through a single intuitive interface. Platforms also benefit from its unique technology to have a simple view of their multi-country programmes and proactively manage the safety of their communities.

In the past year, Indeez has partnered with over 20 European platforms including Deliveroo Brigad and Helpling, to protect their communities of independent workers.