Tillit Forsikring
Easy and reasonable insurance of all the valuables on the phone.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
* | NOK14.2m Valuation: NOK71.0m 145.7x EV/Revenue -15.6x EV/EBITDA | Seed | |
| Total Funding | 000k | ||
| EUR | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 601 % | (12 %) | 23 % | 41 % | 53 % | 128 % | 90 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | - | (577 %) | (684 %) | (936 %) | - | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (82 %) | (635 %) | (835 %) | (1114 %) | (694 %) | (132 %) | (145 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Tillit Forsikring AS operates as a specialized insurance provider focused on the circular economy, offering embedded insurance solutions for second-hand marketplaces. The company was established in Oslo, Norway, in 2017 by co-founders Erik Skaar and Elias Voll Ottosen. Skaar, the current CEO, had prior experience in the insurance sector, which informed the company's direction. Ottosen serves as the COO and a board member.
The firm's primary business is to increase safety and trust in the re-commerce market, thereby encouraging consumers to choose used goods over new ones. Its business model revolves around partnerships with major online marketplaces. Revenue is generated by offering transactional insurance products directly within the purchasing process of these platforms. This embedded approach targets consumers at the point of sale, providing coverage for issues such as items not matching their description, hidden defects, or damage and loss during shipping.
A significant milestone for Tillit was the partnership with Finn.no, Norway's largest online marketplace, launched in the spring of 2023 through Finn's "Fiks ferdig" (Ready to go) service. This collaboration proved successful, with over 15,000 customers opting for the insurance monthly. Building on this momentum, the company has expanded its services to Finland through a similar integration with Tori.fi, the country's leading marketplace. The company's growth has been supported by strategic funding, including a notable NOK 14.2 million raised in December 2021, with Schibsted Ventures as a key investor. This capital is earmarked for scaling operations and market expansion throughout the Nordic region and Europe.
Keywords: embedded insurance, insurtech, re-commerce, circular economy, second-hand marketplace, usage-based insurance, online marketplace, peer-to-peer insurance, P2P transactions, Finn.no, Tori.fi, Schibsted, sustainable consumption, product warranty, shipping insurance, buyer protection, Nordic startup, Oslo, Erik Skaar, Elias Voll Ottosen