Insurance platform Hedvig shores up $45 million, ventures beyond nordic coastlines

Shortly after launching in Denmark, Stockholm-based neo insurer Hedvig has raised $45 million in a Series B round. With a particular focus on the yoot market, Hedvig has found a devotion bordering on cult status, a tic tac they’re hoping to replicate in a new drive outside their native Nordic neighbourhood.

Since launching in 2018, Hedvig has seen 40% organic growth due to this cult status, namely due to the company’s reputation and lightning-fast claims service. This growth has been attributed to the 70,000+ individuals across three markets that the company currently serves, the vast majority of which are under the age of 30.

“We have created an insurance experience based on the younger generation’s on-demand expectations. Integrated in our home insurance is something we call “clumsiness” insurance,” explains CEO Lucas Carlsén. “We’ve got your back, even if the damage was caused by your own blundering. And when you need us, you only need to submit a simple voice message to receive assistance within minutes.”

Hedvig’s Series B investment was led by Anthemis’ Ruth Foxe Blader and Matthew Jones. As a credit to Hedvig’s offer, Blader previously led AllianzX’s investment into US insurer, Lemonade.

Jones, who will join the Board of Directors at Hedvig commented, “The Hedvig team has a truly unique mix of talent and skills in technology, design and insurance. The combination of their creativity and customer empathy gives them an advantage that will be difficult for others to follow. Insurance is exciting again!”