SafetyWing raises $ 3.5 million for medical insurance coverage for "digital nomads"

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Former British Prime Minister Theresa Could as soon as stated: "Should you imagine that you’re a world citizen, you’re a citizen of nowhere". And though that sentiment by nearly everybody who works in right now's outward-looking know-how business can be thought of dangerous, if you’re a digital employee of the world, you could be an worker with out insurance coverage.

That's the issue that SafetyWing, a startup from Norway and not too long ago graduated from Y Combinator, want to solve.

“Folks was once restricted to working domestically. Now the web and up to date applied sciences have made it attainable to tackle corporations and work worldwide, permitting folks to dwell wherever on this planet with out the bodily limitations of an workplace location, ”says SafetyWing co-founder and CEO Sondre Rasch.

“Sadly, social security nets resembling medical insurance are nationwide and solely out there within the dwelling nation. Tens of millions are left behind to determine this out for themselves, with the bulk remaining uninsured. To resolve this drawback, we’re constructing the primary world social security web: a welfare state on the web ”.

The SafetyWing product, launched final yr, focuses on medical journey insurance coverage, promising to supply medical protection to anybody who works exterior their dwelling nation. The protection can also be versatile, offered as a 28-day subscription that may be paused at any time. Cowl begins at $ 37 each four weeks.

"Our typical buyer is a digital nomad," Rasch explains, "an entrepreneur, freelancer or exterior worker in a startup, early 1930s, who moved from the US and spends Three months in a row of their favourite low-cost international locations with good infrastructure. Thailand, Indonesia, Colombia, Jap Europe and Mexico are typical examples. "

Relating to direct opponents, Rasch says that for the time being no one else has a & # 39; social security web & # 39; for digital nomads, though WorldNomads additionally provides comparable journey insurance coverage. "The primary distinction is that we’re particularly made for digital nomads and exterior staff," he claims. "Our product is pretty easy within the sense that we provide a subscription-like service which you could buy when you dwell overseas, and which you could maintain perpetually".

In the meantime, the corporate based in 2017, the opposite co-founders being Sarah Sandnes (CTO) and Hans Kjellby (COO), in help of its mission to supply a security web for digital nomads and to develop additional merchandise, $ 3.5 million seed raised funding. Main the spherical is North and Baltic Sea oriented VC byFounders, with the participation of Credit score Ease Fintech Fund and DG Incubation. The earlier donors of SafetyWing included YC and The Nordic Web Ventures.

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