back Back

Hedvig raises $45m for European expansion in a Series B funding round

By Joy Dumasia

September 29, 2021

  • Anthemis
  • Cherry Ventures
  • Europe

Hedvig announced that it closed a $45 million Series B funding round led by Anthemis with participation from existing investors, including Cherry Ventures, Obvious Ventures, Commerz Ventures, and Swedish Novax Nineyards Equity, Jonas Kamprad and Mathias Kamprad.

Anthemis Partner Ruth Foxe Blader, and Managing Director, Matthew Jones led the Series B investment. Blader previously led AllianzX’s investment into US insurer, Lemonade. Before the series B round, Hedvig raised a total of $23 million and successfully secured partnerships with SCOR and Hannover Re, two of the world’s largest reinsurers.

Hedvig, a licensed full-stack insurance carrier, has become a cult brand among the younger generation in the Nordics. 40% of Hedvig’s policy growth is organic and predominantly attributed to word-of-mouth, thanks to the company’s reputation for stellar service and ultra-fast claims handling.

Hedvig insures 70,000 people across three markets, the majority of whom are under the age of 30. Last year, Hedvig grew its gross written premium by 200% and retained an NPS score ten times higher than the industry average. With this new round of funding, they are accelerating its European expansion schedule and plans to launch in its fourth market in the coming months, this time outside of the Nordics.

Matthew Jones, Managing Director at Anthemis who will be joining the Hedvig Board of Directors, said: “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!”

Recently, IBS Intelligence reported that Sweden-based neo insurer Hedvig had announced its expansion across Europe, starting with Denmark. The company stated that it would reach 100 employees by the end of 2021, hiring an additional 30 employees across all functions, including tech, product and growth.

Previous Article

September 29, 2021

NPCI partners with YES BANK, Neokred and Seshaasai to launch ‘RuPay On-the-Go’

Read More
Next Article

September 29, 2021

HAPPY facilitates wealth creation of INR 18b for MSMEs across India

Read More

IBSi Daily News Analysis

June 21, 2024


Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

Fin+InsureTech Finsall raises $1.7m in Bridge Round led by Unicorn India Ventures & Seafund

Read More

June 12, 2024

5 RegTechs enhancing compliance for India’s BFSI sector

Read More

June 11, 2024

Mbank & team up to streamline insurance solutions

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023