How SafetyWing CEO Sondre Rasch grew SafetyWing to $34.1M revenue and 25K customers in 2024.

I started thinking about in 2017 ultimately launched in 2018 broke a million dollars in Revenue in 2019 now doing 24 million bucks in terms of run right up from 12 million just a year ago safety Wing is digital Nomad insurance right they go get it in an issue in Europe when you're traveling it's a 2K Bill they've got you protected they're hoping to build a global safety net right and really enable digital Nomads to thrive and flourish or wherever they are on the west rays of 35 million dollar series B in 2022 out of 195 million posts called a 16x multiple looking to scale today with their team up 60 as they keep trying to build that net yesterday is Sandra rash she's a CO he's the co-founder and CEO of safety wing and host of safety Wings building remotely podcasts take out on how to build and scale a remote company because educational background is in economics and computer science and previously it was a policy advisor for the government of Norway working on their social safety net he's also the co-founder of Super Side a platform for freelance designers all right it's Andre ready to take us to the top let's go I feel like I see that purple wavy Super Side logo all over the place when did you leave that company for safety wing uh so that was back in 20 2017-2018 uh but of course it's still run by my co-founder so I keep keep get some regular updates and you know it's a great company it's a great and they're doing really well so where did you discover the problem that you're now solving at safe doing was it at superside yeah 2016 right after work combination me and Friday uh you know we we both came from policy so we noticed that the Freelancers had this problem of income uncertainty and not having benefits so we looked into providing benefits for the Freelancers on the platform we find that we found that nobody offered us and we also realized why uh which is essentially that the internet labor market like you know it's Global goes across borders but all the infrastructure that supports the labor market kind of works as if it's local and so a lot of the infrastructure does just doesn't work right so it's like if you're hiring a freelancer from Guatemala they will not qualify for your social safety net obviously so uh so yes it has to be rebuilt in This Global digital way and that's what we set out to do interesting so you thought you said this is an opportunity you leave Super Side you launched between what year was that 20 2017 2017. okay and then I guess walk me through your first customers was the Super Side team or how did you land your first customers no it's funny it actually took me a couple of years to get to make the product so that supersite could use it so you know we started out and we're like I took my only experience which was making the Norwegian social safety net and the idea was let's make something like in region social safety net but available on the internet as a membership but we have to start somewhere so let's like make one little piece and then we kind of build out you know health retirement disability you know each part until we make a membership at the end so we you know we we talk to users and they essentially said okay Health was the top thing and then we we decided on this kind of influencer segment of remote work which are the digital nomads um and I knew that segment very well I was sort of part of it and uh so is certain Hans my co-founders so we made known that insurance uh and uh and that was our first customers uh that however didn't cover Home Country so it couldn't be used by supersize it was only when we two years later launched remote Health uh that we signed up you know where I discovered the problem and they're you know now one of our biggest customers interesting okay so so you're just to be clear you're selling any of the earliest the digital meds directly so one-off ten dollar a month plans are you selling big Enterprise packages to the operating company like the first thing you said it's it's a it's directly to the digital Nomads uh 40 45 a month uh plan on a subscription so they come to our website and they buy it and they have a subscription and that works kind of out of the gate and it's in 2020 that we made this company option where and that we did we actually did that but because we have so many requests to do it so a lot of companies reached out and said hey this is not my thing it's a global health insurance that looks cool I want to buy that for my Global team and then we said after we got that request a hundred times we said we we got to build it so we oh what's going on there YouTube good to see you guys now imagine this you love watching these interviews with SAS Founders but imagine if we took all of the valuation data out from over 2807 interviews I've done manually saves you a lot of time well we've done this we've built the into the beautiful interface inside of founder path check this out I'll show you how you can access this in a second 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founderpath.com and hover over products click on get your evaluation here and go ahead and sign up to give it a whirl again all that valuation data live right inside the platform I hope to see you there all right let's jump back into the interview how does someone listening right now might go man I'm a digital Nomad I totally understand I don't want to pay Blue Cross Blue Shield 600 bucks a month that only covers the us but I'm in Chile and I'm in Europe all the time how do I if I get a cut in Europe how do I go to Europe Hospital how does how do you solve that problem for 45 bucks a month well so we uh the US is an outlier on cost here so uh and everyone who comes from a U.S perspective always thinks that anything outside of the US is like remarkably cheap and you know that's a whole little that's a whole little segment on its own like why that is uh just to drop the thing that I think is really missing from the debate that I've noticed making this product is that the medical provider networks in the US charge a very high price and internationally the medical provider networks have chart have no price but it's like a majority of the cost of an insurance but that's anyway that's one of the fun fact yeah like how do you use it I'm in Europe I'm using the us but I'm in Europe traveling I I cut my toe on the beach I need to go to the hospital and get stitches how do I use safe doing you just uh so typically these three students would be like this you would uh call or you know send us a message on on the in the chat and you know be directed between there by a hospital you know and Dave the hospital would bill us directly after uh nearby private hospitals so so that's that's typically how it would be in another situation where you don't reach out to us you would go there then they might not be able to bill us directly because some hospitals International are not able to so maybe then it would pay out of pocket and then you would go to a website and get the money transfer back to you after so those some people do that though isn't that like a bunch of work I mean do people actually do that yeah people that people do that I mean people use this whenever something happens I mean you you get your money back so why not I just I hear this whole time right I have to go in and...