Hedvig, the Stockholm-based digital insurer has raised 100 million SEK 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 latest round of funding was raised from existing investors Obvious Ventures, Cherry Ventures and D-Ax, along with Europe’s leading insurtech investor CommerzVentures. The round brings the company’s total funding up to $23 million. Hedvig has also initiated the process of becoming a licensed carrier in the European Union, which will further the insurance brand’s ultimate mission to make millions of minds more peaceful by providing the most superior customer service on earth.
– Insurance has always been a life-must people dread to use. At Hedvig, we aim to create service experiences so good that people long to use it. This level of help is not only what people have always deserved from their insurers, it also makes business sense. These experiences has a profound effect on people and our members reciprocate by spreading the word. Today, 34% of our growth is organic or through members referring members, something unheard of in this industry, says Lucas Carlsén.
Lucas says Hedvig grew its GWP by 85% over the last six months and every ten minutes, a Swedish consumer switches to Hedvig. In the midst of the pandemic, the company also expanded into Norway and have been growing that market twice as fast as Sweden did during the first months after its launch.
– Succeeding in the Nordics means a big head start. It is one of the most advanced digital economies in Europe. With that said, creating an app is not enough for the new generation of consumers. They want to be spoiled rotten and that’s exactly what they will get by Hedvig, says Lucas Carlsén.
– The Hedvig team have not only built an unparalleled brand and a world class product, but they’re shaping the entire service paradigm within insurance. Soon all over the world, says Vishal Vasishth, Partner at Obvious Ventures.