Paydrive secures SEK 30M to grow its pay-as-you-go car insurance business.
Paydrive, a Stockholm, Sweden-based company providing an insurance product for drivers that is customized to the way of driving, secured SEK 30M ($3.6M) in fresh equity investment.
The money comes from existing investor, NFT Ventures, as well as from strategic investor from Norway, Gjensidige, and will be used to strengthen the company's position in the digital car insurance Nordic market.
Paydrive, founded in 2013 by CEO Andreas Broström, is a digital insurance company as it developed and provides Paydrive Pay-As-You-Drive car insurance. The company 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.
Prior to this deal, Paydrive raised almost $670k in funding from NFT in 2016.