On-demand insurance startup omocom raises €3.7 million

Swedish startup Omocom announced a €3.7 million funding round from Mustard Seed MAZE and Inventure, with participation from Alma Mundi Insurtech Fund and Luminar. This latest round brings the company’s total funding to $5.13 million.

Established in 2017, omocom is a team of 23 people. It operates in the space of ‘insurance-as-a-service’ allowing third-party sites to offer insurance to their customers.

“The business concept behind omocom was born when they worked as experts on digital trade for the Swedish government and interviewed major insurance companies about how they intend to handle increasing values that are uninsured in society today. It turned out that they had difficulties adapting their offerings to the demands of the sharing economy.”

Omocom is now live on 8 platforms and has over 15,000 customers. Partners include Hygglo, a P2P rental services platform for “things” and Budkeep, a P2P company that connects people with unused space with people in need of storage.

Last, omocom is an affiliated distributor for W.R. Berkley Insurance Nordic and EIR Insurance.