Nordic ‘neo insurer’ Hedvig lands $45m for European expansion

Nordic neo insurer Hedvig has closed a $45m Series B funding round led by Anthemis. 

Existing investors including Cherry Ventures, Obvious Ventures, CommerzVentures, along with Swedish Novax, Nineyards Equity, Jonas Kamprad and Mathias Kampra participated.

The new cash brings Hedvig’s total funds raised to $23m.

Hedvig says its business model is built to avoid conflict of interest. A quarter of the premium paid goes to Hedvig, with the rest funding a common claims pool for its members. 

If there’s anything left in the common claims pool at the end of the year, that amount is donated to charity. 

The Stockholm-based firm, which focuses on the millennial market, is set to launch its fourth market in the coming months, taking its first step outside the Nordics.

The majority of its existing 70,000 people across three markets are under the age of 30. 

Lucas Carlsén, CEO and co-founder of Hedvig, says the firm's business model is based on the younger generation’s on-demand expectations. 

“Integrated in our home insurance is something we call “clumsiness” insurance. 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. We love to spoil our members and to see how word is spreading."