June 16, 2024

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SafetyWing Raises $35 Million To Scale Its Health Insurance Cover For Remote Workers

SafetyWing Raises  Million To Scale Its Health Insurance Cover For Remote Workers

SafetyWing, a startup that is providing overall health insurance plan protection to remote employees, has secured $35 million in a Sequence B round.

The startup, started in Norway and now headquartered in San Francisco, builds a well being insurance coverage merchandise for distant personnel and so-identified as electronic nomads so organizations can supply protection for a international workforce in various areas.

Kinnevik led the Sequence B spherical with present investors Creandum and byFounders and new trader Mundi Ventures taking part. It beforehand lifted $8 million from backers final yr.

In accordance to the startup, the new cash will be made use of to scale its flagship product Distant Health and fitness and build what it calls a “global social protection net”.

SafetyWing was founded in 2018 but because 2020, with the onset of the pandemic and the mass change to remote performing, it has discovered fresh need from workers that are seeking for wellbeing insurance policy that is usually unavailable to them.

Chief govt Sondre Rasch explained distant functioning as “a person of the biggest paradigm shifts of our generation” but significantly of the infrastructure to guidance that change is continue to guiding.

“SafetyWing was introduced for the reason that we saw initial-hand that though remote groups are international, the infrastructure that supports them, like the social security net, is not,” Rasch reported.

“We created it for the reason that we as digital nomads and with a remote team desired it ourselves, and we realized we ended up not by yourself. We ended up our initially shoppers, and it’s been very a journey to the place we are right now. We develop our merchandise as software – regularly updating them so that they are generally tailored to the switching function daily life – and have quite a few more in the pipeline continue to to appear.”

Rasch is joined by CTO Sarah Sandnes and COO Hans Nvyold Kjellby with a group of 100 scattered globally. It strategies to establish out added products and solutions named Distant Doctor and Distant Retirement to tackle other issues for employees, other than well being insurance policies, to provide a extra holistic social protection internet company.

Tatiana Shalalvand, investment decision director at lead investor Kinnevik, explained furnishing these gains will be important in a distant doing the job earth if providers are to attract and keep the greatest expertise.

“Firms are battling fiercely to attract the most effective candidates which is speedily demonstrating businesses the great importance of providing remote employees a lot more than just a competitive wage,” she stated.