SafetyWing Secures $3.5M Seed Funding to Offer Global Health Insurance for Digital Nomads

On August 5, 2019, VCBeat (WeChat ID: vcbeat) learned that Norwegian startup SafetyWing had completed a $3.5 million seed funding round, with investors including CreditEase Fintech Investment Fund, DG Incubation, and byFounders.

Following this round of financing, SafetyWing will leverage the funds to further expand its business scope and develop a suite of insurance products that integrate health insurance, pension savings, and income protection.

It is reported that SafetyWing completed two seed funding rounds in March 2018, raising $120,000 and $500,000 respectively.

In recent years, a growing number of young Americans have become “digital nomads,” i.e., online freelancers. They can complete their work solely via the internet, unrestricted by location, leading many freelancers to choose to work in countries other than their country of residence. Because mandatory health insurance is available only within a single country, many freelancers lack basic health coverage.

SafetyWing founders Sondre Rasch, Sarah Sandnes, and Hans Kjellby identified a gap in the market and established SafetyWing. Headquartered in Oslo, Norway, SafetyWing is dedicated to helping individuals take their first steps toward becoming digital nomads by providing affordable, global health insurance.

SafetyWing launched its first medical insurance product last year, providing coverage for individuals working in countries other than their country of residence. The coverage includes hospital visits and prescription medication costs but excludes pre-existing conditions such as cancer. The insurance plan is relatively flexible, operating on 28-day cycles with a starting price of $37 per four weeks. It can be paused at any time, making it suitable for the flexible lifestyles of freelancers.

Sondre Rasch, Founder and CEO of SafetyWing, stated, “People were once confined to working in their place of residence, but the development of mobile internet has now made remote work and telecommuting possible, allowing individuals to choose where they live without being tied to a specific office location. Unfortunately, health insurance is national in scope and available only within specific regions. As a result, millions of digital freelancers are left to address this issue on their own. Currently, most freelancers lack insurance coverage. To solve this problem, we are building the first global health insurance network.”

CreditEase Fintech Investment Fund is a venture capital fund focused on investing in global fintech companies. Established in 2016, it is headquartered in Beijing, China.

DG Incubation is a subsidiary of Digital Garage Group. Founded in 1995 and headquartered in Tokyo, Japan, it focuses on investing in internet companies.

byFounders, established in 2017 and headquartered in Copenhagen, Denmark, specializes in investing in technology startups across the Nordic and Baltic regions.

(Compiled by Hu Yifan)