Hedvig, the Stockholm-based digital insurance startup has raised over €9.3 million in a Series A funding round to bring their service with a people-first approach to the larger population.
The round was spearheaded by San-Francisco-based Obvious Ventures, which was founded by Twitter co-founder Ev Williams, Vishal Vasishth and James Joaquin. The U.S firm is also an early investor in companies such as Beyond Meat, Medium and Magic Leap.
Hedvig was started in May 2018 and now insures over 15,000 Swedes and a total value of more than 10BN SEK in property and contents. The company already counts over 30 employees aim for continued swift growth.
Vishal Vasishth from Obvious Ventures said:
“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.”
Another investor in this round is D-Ax, the early stage investment division of the Axel Johnson Group, one of the oldest and biggest trade and service firms in the Nordic region.
With its range of companies serving more than 1.5 million people every day, Axel Johnson boasts an 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”, stated Joakim Skarborg, Chairman of D-Ax.
The raised capital will be committed to developing new services and products, expanding Hedvig’s customer base in the home insurance sector and growing the business’ footprint both in Sweden and beyond.
Hedvig has previously secured €2.8 million from Cherry Ventures and popular angel investors. In just over 12 months, over 15,000 Swedes have joined Hedvig’s mission to bring insurance back to its friendly, fair and equitable roots.
With more than 10BN SEK in property and contents under their umbrella, Hedvig is the fastest-growing, digital-only insurance firm in the Nordics. Above all, Hedvig has revolutionized how insurance is delivered by migrating from conventional practices and launching anew with a people-first strategy.
“Hedvig is on a mission to create the world’s most remarkable insurance experience by empowering nice and honest behavior,” said Lucas Carlsen, co-founder and CEO of Hedvig.
“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.”