Hedvig is a Swedish insurance company launched in Sweden in 2018 that offers home, accident, travel and car insurance with fast in-app claims handling and a focus on customer service. The company reports 130,000 members and a total gross written premium (GWP) volume of SEK 200 million. Hedvig says it has captured 10% of new-home-insurance signups in Sweden and has grown via a partnership-driven distribution model. Management positions the business to leave the startup phase and execute a fully capitalized plan to accelerate growth and reach profitability. The company emphasizes continued expansion of strategic partnerships—banks and other partners are cited as core future distribution channels, exemplified by the new SEB partnership. Hedvig is a neo-insurer that sells property, travel, contents and accident insurance tailored to younger adults, including a distinctive "clumsiness" policy and a model that donates leftover claims-pool funds to charity. The company takes a 25% cut of premiums while the remainder funds a common claims pool; any surplus at year-end is donated. Hedvig operates in Sweden, Norway and Denmark and in March secured an EU-wide insurance carrier license to support geographic and product expansion. The startup has about 70,000 customers, most under age 30, and says roughly 40% of month-on-month growth is organic via word-of-mouth. Hedvig plans to use new funding to launch in a fourth country outside Scandinavia and to continue growing its team and product set. Founders Lucas Carlsén (CEO), Fredrik Fors and John Ardelius built the business around faster digital claims handling and a mobile-first experience aimed at millennial lifestyles. Hedvig offers a combined home and travel insurance product launched in May 2018 and underwritten by HDI Global SE. Its coverage targets apartments, condominiums and villas for owners, renters and subletters, and the company emphasizes fast, app-based claim filing with immediate compensation for simple claims. Hedvig operates a business model that takes a fixed fee of 20% of monthly premiums while earmarking the remainder to pay claims, which the company says removes the incentive to withhold compensation. It runs a referral program called Hedvig Forever and has partnerships with SOS Children’s Villages and the Children’s Cancer Foundation in Sweden. The startup reports customer growth from 15,000 last year to 37,000 today, mainly organic. Hedvig plans to use new funding to transition to become a regulated insurance company in Europe. Hedvig offers digital, full-stack property insurance in Sweden that uses AI and algorithms to assess customers, price premiums and automate claims processing. It currently serves about 15,000 customers for rented and owned apartment coverage and also covers contents such as gadgets and travel. Hedvig takes a cut of monthly premiums to generate revenue (the company has not specified the amount). Its product includes a social-good element: annual surplus is donated to charities selected by customers rather than retained. The company plans to expand coverages to houses and additional insurance categories and to enter markets beyond Sweden. The recent funding and investor support are intended to fuel growth in Sweden and to underwrite international expansion and category expansion. Hedvig provides home insurance through a digital, user-focused product launched in May this year. The company is Stockholm-based, was established in 2016, and says incumbents create complexity that reduces insurance usage. Policies are underwritten by Inter Hannover; Hedvig retains a 20% fee and pledges to return any unclaimed money to charity. Hedvig has raised €2.85M from European investors to accelerate its growth plans. New investors include Cherry Ventures and Khaled Helioui, whom the company says bring experience turning startups into industry leaders. Management frames its mission as making home insurance an "incredible experience that people use."

Total raised

$99M

Funding rounds

5

Latest round

Equity

Latest activity

Mar 2023