With €9.3M funding, this Swedish insurtech startup wants to transform insurance industry in Europe with AI

With €9.3M funding, this Swedish insurtech startup wants to transform insurance industry in Europe with AI

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Hedvig, the Stockholm-based digital insurer startup has raised €9.3 million in a Series A funding to bring their digital insurance service, with a radically different business model and 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. They claim their investment philosophy helps fuel startups that combine profit and purpose. Obvious Ventures is an early investor in groundbreaking companies such as Beyond Meat, Magic Leap and Medium. 

“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,” says Vishal Vasishth from Obvious Ventures. 

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. 

”We are proud to partner with Hedvig’s team on their mission to reshape the insurance business. We believe strongly in the quality of their product and in the market potential of bringing a much-needed infusion of innovation, customer-focus and transparency to the insurance industry. 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”, Joakim Skarborg, Chairman of D-Ax. 

The money 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. 

Founded in 2018, 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 ($850 million) 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. 

“Hedvig is on a mission to create the world’s most remarkable insurance experience by empowering nice and honest behaviour.” says Lucas Carlsen, co-founder and CEO. “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. 

Stay tuned to Silicon Canals for more European technology news.

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