InsurTech SafetyWing inks $35m Series B

Insurance firm SafetyWing has secured $35m in a Series B funding round led by European growth investor Kinnevik.

Also investing in the Series B were Creandum, DG Ventures, byFounders, Mundi Ventures and CE Fintech.

Founded in 2018, San Francisco-headquartered SafetyWing has a vision to build a ‘global social safety net’ for remote firms, workers and nomads. The company wants to make benefits such as health insurance available for anyone worldwide. It is currently building out its Remote Doctor and Remote Retirement product.

According to SafetyWing, its Remote Health insurance is a fully fledged health insurance product for remote teams and entrepreneurs. The solution, the firm claims, gives global firms a flexible solution in any country they are stationed in.

The funding will aid Safety Wing in scaling its Remote Health offering as the pandemic has sped up the adoption of remote work in firms globally.

SafetyWing CEO and co-founder Sondre Rasch said, “Remote working lets companies hire talent from all over the world, and gives employees more freedom and opportunity. This is one of the greatest paradigm shifts of our generation.”

SafetyWing was launched because we saw first-hand that while remote teams are global, the infrastructure that supports them, like the social safety net, is not.  We built it because we as digital nomads and with a remote team needed it ourselves, and we realized we were not alone. We were our first customers, and it’s been quite a journey to where we are today. We develop our products as software – constantly updating them so that they’re always tailored to the changing work life – and have many more in the pipeline still to come.

“We’ve only seen the beginning of the remote work revolution, and are confident that we have found exactly the right strategic partner in Kinnevik to help us continue on our mission.”

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