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September 30, 2021

Swedish neo insurer Hedvig raises $45m to beef up presence in Europe 

Sweden-based neo insurance company Hedvig has concluded its $45m Series B funding round led by Anthemis.

The round by joined by the company’s existing investors such as Cherry Ventures, Obvious Ventures, CommerzVentures.

It also saw participation from new investors including Swedish Novax, Nineyards Equity, Jonas Kamprad and Mathias Kamprad.

The neo insurer will use the latest funding to accelerate its European expansion as it plans to launch outside Nordics in the coming months.

The EU-licensed carrier offers home, travel, contents, and clumsiness insurance.

Launched in 2018, it has a presence in all Scandinavian countries and said to insure 70,000 people.

Notably, the majority of its insureds are under the age of 30.

Hedvig CEO and co-founder Lucas Carlsen said: “We have created an insurance experience based on the younger generation’s on-demand expectations. Integrated into our home insurance is something we call “clumsiness” insurance.

“We have 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.”

In August 2019, Hedvig raised $10.4m in a Series A funding round.

Excluding the Series B funding, Hedvig has raised $23m and forged partnerships with SCOR and Hannover Re.

As per the terms of the agreement, Matthew Jones, managing director at Anthemis will join Hedvig’s board of directors.

Jones added: “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!”

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