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§ Private Profile · Stockholm, Sweden
Digital home insurance in Sweden using AI for fast, fair, transparent claims, reinventing property and contents insurance for consumers.
Hedvig has raised $164.8M across 11 funding rounds.
Key people at Hedvig.
Hedvig has raised $164.8M in total across 11 funding rounds.
Hedvig is a digital-only insurer based in Stockholm, Sweden, specializing in home insurance with a people-first approach that leverages AI and modern technology to deliver fast, fair, and transparent service. The company offers property and contents insurance directly to consumers, aiming to reinvent the sector by eliminating traditional incentives to deny claims and focusing on efficiency. Hedvig has raised a total of €12 million in funding, including a SEK 100 million Series A round in 2019 led by Obvious Ventures, with participation from Cherry Ventures, Axel Johnson, and CommerzVentures. As of 2019, it had insured over 15,000 customers, covering more than SEK 10 billion (~$850 million USD) in property and contents, and maintains a team of 30-50 employees. The firm achieved parity with larger Nordic insurers in new business market share by 2020. Hedvig was founded in 2017 by Lucas Carlsén, Fredrik Fors, and John Ardelius.
Key people at Hedvig.
Hedvig is a Swedish insurtech startup founded in 2016-2018 that provides fully digital home, car, pet, accident, and student insurance products through a mobile app, targeting consumers frustrated with traditional insurers.[1][6] It serves individuals in the Nordics and beyond with a people-first model: fast claims (average 8 minutes), transparent pricing (25% fixed fee, surplus to charity), and high customer satisfaction (4.8/5 Trustpilot, NPS 10x industry average).[2] Hedvig solves core insurance pain points—mistrust, delays, and complexity—by prioritizing members over profits, insuring €8B+ in homes (growing €500M/month as of 2021) with 15k+ early customers and €12M raised in Series A funding.[1][2]
Growth has been strong: 200% revenue increase in 2020, expansion to Denmark, and tech innovations like a Member Lifetime Value (MLV) model with Google Cloud for personalized service.[2][3]
Hedvig emerged from founders' frustration with a broken insurance industry reliant on denying claims for profit. Co-founders Lucas Carlsén (CEO), Fredrik Fors (COO), and John Ardelius (CTO) launched in Sweden around 2016-2018, starting with home insurance before expanding to car, pet, accident, and student coverage.[1][6] The idea crystallized into a "nice insurance for nice people" ethos: mobile-first, fair, and member-centric, tearing down old models with tech and common sense.[1][7]
Early traction was rapid—15k customers and 10BN SEK in insured property within a year of 2018 launch—fueled by €2.8M seed from Cherry Ventures and angels, followed by €9.3M Series A led by Obvious Ventures (Twitter co-founder Ev Williams' firm).[5] Pivotal moments include 200% 2020 growth and 2021 Denmark expansion, proving demand as two-thirds of customers switched from incumbents.[2][5]
Hedvig stands out in insurtech through these key strengths:
These enable exceptional service at standard (or lower) prices, humanizing insurance.[4]
Hedvig rides the insurtech wave disrupting a $6T+ global industry plagued by legacy systems, low trust, and poor UX—fueled by AI, mobile, and direct-to-consumer models like Lemonade.[2][5] Timing is ideal post-2020: rising digital adoption, remote claims needs, and Nordic tech hubs (Sweden's startup ecosystem) provide tailwinds, with €8B insured assets showing market validation.[2]
It influences the ecosystem by proving full-stack digital insurers can scale ethically—pushing incumbents toward transparency and speed while inspiring peers via open innovations like MLV.[3] European expansion (Denmark start) taps underserved markets, aligning with fintech's shift to "member lifetime value" over transactional CLV.[3]
Hedvig is poised for pan-European growth, leveraging MLV for hyper-personalized products and AI-driven efficiency to capture share from dinosaurs. Trends like GenAI claims processing, embedded insurance, and regulatory pushes for transparency will accelerate this—expect more product launches (e.g., travel, business) and funding to fuel UK/Germany entry.[3]
Influence may evolve from Nordic disruptor to category leader, redefining insurance as a trusted utility. As CEO Carlsén notes, they're building "entitlement rather than hope"—scaling this could make Hedvig the go-to for fair, fast coverage across Europe.[2]
Hedvig has raised $164.8M across 11 funding rounds. Most recently, it raised $31.1M Other Equity in March 2023.
Hedvig has raised $164.8M in total across 11 funding rounds.
Hedvig's investors include Erik Hallert, Nicklas Storåkers, SEB, Anthemis Group, Cherry Ventures, DN Capital, Flare Capital Partners, Kapor Capital, Obvious Ventures, Jonas Kamprad, Mathias Kamprad, CommerzVentures.
