Swedish InsurTech startup omocom has netted €3.7m in funding to help it grow into new verticals outside of the Nordics.
The investment was co-led by Mustard Seed MAZE and Inventure, with additional support coming from Alma Mundi Insurtech Fund and Luminar.
Following the closed of the round, the InsurTech is looking to increase product development and move into new verticals.
Omocom was founded in 2017 with the aim of creating real-time risk assessments on digital platforms. The InsurTech offers microinsurance solutions for rented items, providing cover to items only while they are being used.
The company has designed technology for risk calculation, matching, design of insurance terms and claims settlement.
omocom CEO Ola Lowden said, “Everything we do at omocom has the sole aim of using insurance to aid a transition to a more circular economy. We want to use insurance as a tool to drive sales on these circular platforms, thereby creating the conditions for products to be used more extensively and for a longer period. We are incredibly excited by getting our new investors on board because they understand this impact focus as well as the specificities of being an InsurTech start-up.”
Earlier in the week, fellow Swedish FinTech company Anyfin reportedly secured $30m in its Series B round, which was led by EQT Ventures. The company gives users the ability to refinance loans at better rates.
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