UK-based insurance technology company Collective Benefits has secured £3.3m its seed funding round to tackle the health insurance gap in the gig economy.

The funding round was led by Stride.VC, Delin Ventures, and Insurtech Gateway.

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The seed funding round was also joined by many angel investors, the start-up said.

The insurtech platform is aiming to build ‘the first safety net for the gig economy’ through tailored benefits and insurance products.

The company’s benefits platform will provide access to employment benefits such as sick pay, family leave, and mental health support.

Collective Benefits co-founder and CEO Anthony Beilin and co-founder Benjamin Hay left the job at Virgin and Aviva to launch the company.

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Beilin said: “Benjamin and I made it our mission to build the first platform offering a safety net of protection and benefits the self-employed, freelance, and gig-economy workers need and deserve.”

Explaining the need for such offering, the company said of six million self-employed workers in the UK, 93% do not have health or critical illness cover.

Almost 96% have no form of income protection, it added.

This population includes high-paid freelancers such as designers, consultants and writers.

Stride.VC partner Fred Destin said: “We’re seeing services platforms gain unstoppable momentum in every segment of our lives, from rides to food delivery to freelancing. We need a new playbook.

“Collective Benefits addresses one of the core challenges in this brave new world of work, using technology to design and deliver a new type of safety net to all the participants in this fast-growing part of our economy.”

Collective Benefits added that it is already working with a number of on-demand service platforms.

The start-up intends to use the funding to accelerate its growth and offering for gig platforms.