Stockholm-based digital insurance startup Hedvig secures €9.3 million to accelerate the expansion of its insurance service

Hedvig-founders

Hedvig, the Stockholm-based digital insurer has raised over €9.3 million in a Series A funding round to bring their insurance service with a people-first approach to the masses. The round was led by San-Francisco-based Obvious Ventures which was founded by Twitter co-founder Ev Williams, James Joaquin and Vishal Vasishth. Obvious Ventures is also an early investor in companies such as Beyond Meat, Magic Leap and Medium.

Hedvig was launched in May 2018 and now insures more than 15,000 Swedes and a total value of more than 10BN SEK in property and contents. Hedvig already counts more than 30 employees aim for continued fast growth.

Vishal Vasishth from Obvious Ventures stated: “Hedvig is harnessing its purpose, the power of AI, and its human-centered product to create a modern, full-stack insurance company. Their incredible team is delivering against the mission – to give people the world’s most incredible insurance experience – and we at Obvious are honored to help scale it further.”

Also investing in this round is D-Ax, the early stage investment arm of the Axel Johnson Group, one of the oldest and largest trade and service companies in the Nordic region. With its companies serving more than 1.5 million people every day, Axel Johnson has one of the most extensive customer eco-systems on the Swedish market.

“As always, we take a long-term perspective on our investment, and we look forward to supporting Hedvig in scaling their business significantly over the years to come for the benefit of consumers everywhere”, commented Joakim Skarborg, Chairman of D-Ax.

The fresh capital will be dedicated to developing new services and products, growing Hedvig’s customer base in the home insurance market and expanding the startup’s footprint both in Sweden and beyond.

Hedvig has previously raised €2.8 million from Cherry Ventures and notable angel investors. In just over a year more than 15,000 Swedes have joined Hedvig’s mission to bring insurance back to its nice, fair and equitable roots. Now insuring more than 10BN SEK in property and contents, Hedvig is the fastest-growing, digital-only insurer in the Nordics and has reinvented how insurance is delivered by moving away from traditional practices and starting anew with a people-first approach.

Lucas Carlsen, co-founder and CEO of Hedvig, stated: “Hedvig is on a mission to create the world’s most remarkable insurance experience by empowering nice and honest behavior. For too long the insurance industry has been rewarded for making their service hard to use, confusing and unfriendly. Hedvig is here to change that. With our new investors we’re more convinced than ever that we can bring our nice insurance to an extremely wide audience.”

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