At nvp capital, we are deeply committed to investing in groundbreaking fintech innovations that address significant market gaps and unmet needs. Within the realm of insurance, other countries have seen much more innovation, providing coverage for catastrophic events that impact not only an individual, but their children as well. In some countries, like Iceland, this financial safety net is provided by the government, but in others like Sweden, private child disability insurance has become a standard offering, with over 80% of parents in Sweden covered by this critical type of policy.
Catastrophic events, from accidents, to disabilities or severe diseases, that happen to children can be as painful and time-consuming as any event that happens to an individual themselves. For working parents, circumstances can result in the loss of professional stability and productivity, while traditional policies offered by employers like short and long term disability and life insurance fall short for unforeseen tragedies concerning dependents. In the U.S., where an individual and their family’s physical, mental, and financial well being is closely tied to their employer and the benefits they offer, child disability insurance is both a critical need for families, and an important tool for employers who want to attract and retain premier talent during their prime working years.
Juno changes the game, entering the $20B US insurance market as the first of its kind child disability insurance in the US, providing coverage to working parents if their child develops a severe illness, injury, or disability. If a child qualifies for coverage, they can receive up to $500k in support per child over the course of up to ten years for costs like supplementing lost incoming, hiring specialized caregivers, or covering medical costs not covered by health insurance.
I first learned about Juno through my own network: I worked with Hall Kesmodel, Juno’s first non-founder hire and sales leader, at a previous job in the employer benefits space. After piquing my interest, Hall connected our team at nvp capital with the founders, Jordan Epstein and Dr. Snaebjorn Gunnteinsson, and we were immediately impressed by the passion, strong conviction, and grit the two possessed. Jordan is a second time founder, previously raising capital and selling his start-up in the healthcare space and Snae spent years in academia understanding insurance and disability. The two founders met in October 2019; Jordan’s business prowess and Snae’s deep academic background and knowledge of the space makes them an excellent co-founder pair. The two have galvanized a team with deep backgrounds in the insurance and broker space to bring this incredible product to market.
The Juno team built out the entire value chain needed to build a truly net-new type of insurance: from defining the policy, selling the policy, and evaluating claims. The team spent years studying and measuring childhood disability and defining an insurance policy, underwriting models, and claims evaluation framework. They constructed the complex network needed to provide this type of insurance: creating relationships across insurance carriers, reinsurers, and brokers.
As a firm, we love to invest in highly innovative companies that are fundamentally changing archaic, highly regulated industries. Jordan and Snae’s ability to create a brand new financial product that can provide severely needed support to parents and revolutionize how employers take care of their employees. Juno’s first mover advantage and their combination of team, market gap, and proprietary product sets Juno up for success in creating a new category of a core benefit offering.
We feel lucky to invest alongside the team at Spero Ventures, Floating Point Ventures, and WWV in this round. If you are building in the insurance or benefits space, reach out to skylar@newark.vc.
