Omocom, a Swedish startup that gives on-demand microinsurance for the circular economy, has raised €3.7 million in a spherical co-led by Inventure and Lisbon-based social affect fund Mustard Seed MAZE. Alma Mundi Insurtech Fund, Luminar, and a few angels additionally participated.
The circular economy encourages sharing merchandise that in any other case sit unused or get thrown away. Business fashions embrace peer-to-peer sharing, enterprise to shopper leases, and resale marketplaces. “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,” says CEO Ola Lowden.
Traditional insurance coverage is designed round possession. In the context of the sharing economy, ‘on-demand microinsurance’ means the insurance coverage is activated solely whereas the objects are getting used.
Orson Stadler of Mustard Seed MAZE explains additional: “By reducing the risk of transactions, omocom increases the likelihood of effectively changing consumption patterns and helps break the cycle of purchasing items for non-use.”
The insurtech startup was based by Lowden, Emanuel Badehi Kullander and Tobias Mård in 2017. Working with researchers at Swedish universities, they developed algorithms that calculate real-time threat assessments digital platforms. The enterprise lastly launched final October and has about 15,000 prospects, in accordance to a press launch.
The recent funding will assist the firm develop in a number of methods: develop the product, increase into new verticals, and enter new markets exterior of the Nordics.
Photo: Co-founders Emanuel Badehi Kullander, Ola Lowden and Tobias Mård