Swedish startup Hedvig has announced that it has secured around $10.4 million in a funding round led by Obvious Ventures and Swedish retail group Axel Johnson’s venture arm, D-Ax.

According to the insurtech, the funding is expected to assist in the development of new services and products, expand its customer base as well as its footprint beyond Sweden.

Established in 2018 and with a current user base of 15000 Swedes, the funding round has valued the company at $35.5 million.  Hedvig is a Stockholm-based digital-only insurer which uses technology to automate its pricing and claim process. It comprises of a full-stack approach, is powered by AI and aims to provide a frictionless customer experience.

“We’re thrilled to be partnering with Cherry Ventures and D-Ax (the venture arm of the Axel Johnson Group, one of the oldest and largest trade and service companies in the Nordic region) to play a small part in helping this team make it happen,” said Vishal Vasishth, Co-Founder and MD of Obvious Ventures, in a blog post.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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