17.12.2020

Practice Areas: Finance

Abreu Advogados advises BiG Start Ventures on the sale of the Portuguese insurtech Drivit to ZEGO

Abreu Advogados advised Onetier Partners, SCR (BiG Start Ventures), a venture capital company investing in FinTech startups, on the sale of 100% of the Portuguese insurtech Drivit, a pioneer in pay-per-mile insurance, to the British insurtech ZEGO.

This crossborder transaction was a strategic and important advance for the British insurer which with this acquisition obtained a prime position in the understanding of data and risks associated with driving, having now a solution developed by Drivit, which will allow it not only to collect behavioural data in real time, but also to cross this information with other sources of existing data.

The advice was provided by Diogo Pereira Duarte, professional partner from the banking & finance practice of Abreu Advogados, who was responsible for negotiating the agreements for the sale of BiG Start Ventures’ shareholding in Drivit.

The Portuguese company Drivit, which now will be integrated into the structure of ZEGO, was created in 2016 in order to solve the limitations of existing telematic technologies, helping car insurers to develop a new range of products and services that use driving behavior and background data in order to meet the specific needs of each driver. With this acquisition by ZEGO, Drivit will become part of what was the first British insurtech to obtain the insurance license and which currently insures more than 200,000 vehicles of thousands of multinational businesses in Europe.

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