Paydrive secured $1.8M in more capital investment.
Paydrive, a Stockholm, Sweden-based company providing an insurance product for drivers that is customized to the way of driving, announced in a press release that it completed a SEK 16M ($1.8M) capital investment round.
Paydrive, founded in 2013 and led by CEO Andreas Broström, developed a digital insurance product that aims to challenge the traditional insurance models and create smarter solutions adapted for a modern, digital world, with the insurance premium based on people's driving habits. The Paydrive customers install a device in their car, in order to have the associated risk factors and miles registered, and thus directly impacting the price of the insurance premium.
The company currently has over 8,000 private customers for its insurance and claims that their customers exceed the speed limits about half as often as the average citizens.
Prior to this round, Paydrive secured a little more than $4M.