SafetyWing raises $3.5M seed to supply medical insurance coverage to ‘digital nomads’

Former British Prime Minister Theresa Might as soon as stated “if you happen to imagine you’re a citizen of the world, you’re a citizen of nowhere”. And whereas that sentiment could be thought of risible by nearly anyone who works in right this moment’s outward-looking know-how business, in case you are a digital employee of the world, you might be a employee of no insurance coverage.

That’s the issue that SafetyWing, a startup out of Norway and a latest graduate of Y Combinator, is aiming to resolve.

“Folks was restricted to working domestically. Now the web and up to date applied sciences have made it attainable to rent and work for corporations globally, permitting folks to stay wherever on this planet they select to, free from the bodily restraints of an workplace location,” says SafetyWing co-founder and CEO Sondre Rasch.

“Sadly, social security nets like medical insurance are nationwide and solely out there in a single’s house nation. Thousands and thousands are left to determine this out on their very own with the bulk going uninsured. To resolve this drawback, we’re constructing the primary world social security internet: a welfare state on the web”.

Launched final 12 months, SafetyWing first product is focussed on medical journey insurance coverage, with the promise to offer medical cowl for anyone who works exterior of their house nation. The duvet is versatile, too, offered as a 28 day rolling subscription that may be paused at any time. Cowl begins at $37 each four weeks.

“Our typical buyer is a digital nomad,” explains Rasch, “an entrepreneur, freelancer or distant employee in a startup, early 30s, who has moved from the U.S. and spends Three months at a time of their favourite low price nations with good infrastructure. Thailand, Indonesia, Colombia, Jap Europe and Mexico are typical examples”.

On direct rivals, Rasch says there isn’t actually anybody else at the moment constructing a “social security internet” for digital nomads, though WorldNomads additionally presents comparable journey insurance coverage. “The principle distinction is that we’re made for digital nomads and distant employees particularly,” he claims. “Our product is kind of easy in that we provide a subscription-like service you could purchase whilst you stay overseas, and hold it without end”.

In the meantime, to help its mission of offering a security internet for digital nomads and to develop additional merchandise, the 2017-founded firm, whose different co-founders are Sarah Sandnes (CTO) and Hans Kjellby (COO), has raised $3.5 million in seed funding. Main the spherical is Nordic and Baltic-focussed VC byFounders, with participation from Credit score Ease Fintech Fund and DG Incubation. SafetyWing’s earlier backers embrace YC and The Nordic Internet Ventures.

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