SafetyWing to boost its medical insurance product with $35Mn fund

The new influx of capital will scale up SafetyWing’s flagship insurance product- Distant Well being- and drive initiatives for “world social security internet”

San Francisco-based start-up SafetyWing, a provider of medical insurance protection for distant employees, has raised $35 million via a Collection B spherical.

Formerly headquartered in Norway, SafetyWing offers a medical insurance product designed for distant employees and the digital nomads of the world with the primary goal of ensuring protection for a global workforce across several areas.

It has been reported that the latest Collection B spherical was spearheaded by Kinnevik with current traders byFounders and Creandum accompanied by new investor Mundi Ventures as participants.

Prior to the latest round, the cohort helped raise $8 million from backers final year.

Speculations have it that the fresh funds are likely to be infused into further development of the startup’s flagship insurance product Distant Well being and help build an ecosystem offering worldwide.

The 2018 established startup did not gain momentum until 2020 with emergence of the pandemic, which drove mass adoption of distant working and subsequently led to a contemporary demand for the previously unavailable medical insurance by remote employees.

Speaking on the distant working trends driven by the pandemic, Chief Govt Sondre Rasch identified the latest working model to be among the biggest paradigm shifts seen in this era. He also highlighted the lack of necessary infrastructure as a major roadblock.

Rasch added that the start-up realised the needs of digital nomads and distant workers since the team was one of them and became its own first clients kickstarting the process to design the company’s merchandise as software program.

With this, SafetyWing was able to offer constant updates based on a tailor-made system catering to the changing work life patterns and has since then been focused on many such products under the pipeline.

Source Credit: https://digitallatestnews.in/safetywing-raises-35-million-to-scale-its-well-being-insurance-coverage-cowl-for-distant-staff/