Obvious Ventures leads SEK 100m series-A for Hedvig

According to press reports, this new round gives the company a valuation of around SEK 342m.

D-Ax, the early-stage investment arm of the Axel Johnson Group – a Nordic trade and service company – also took part in the funding, alongside previous backer Cherry Ventures.

Obvious Ventures was established by James Joaquin, Vishal Vasishth and Twitter co-founder Ev Williams, and is an early investor in various startups including Beyond Meat, Magic Leap and Medium. The venture capital house primarily targets tech startup operating in the healthcare, sustainable energy and education sectors.

Hedvig plans to use the fresh financing to scale up its team, develop new services and products, increase its customer base in the home insurance market and further boost its expansion both in Sweden and internationally.

Previous funding
Hedvig raised a first SEK 5m seed round in early 2018 from Swedish angel investor Sophia Bendz, Spotify's former global marketing head; tycoon Sven Hagströmer; and tech investor Nicklas Storåkers.

Subsequently, Berlin-based Cherry Ventures led a SEK 30m round for Hedvig in September 2018, with participation from angel investor Khaled Helioui and previous backers.

Company
Founded in 2016 and launched in May 2018, Stockholm-based Hedvig is a software startup that offers an insurance app for both rental and owned apartments, as well as for travel and property. The company uses automation, AI and machine-learning to help customers process their claims faster and with a lower fraud rate.

Hedvig employs 30 staff, has around 15,000 customers and claims to be insuring more than SEK 10bn in property and contents.

People
Obvious Ventures – Vishal Vasishth (partner).
D-Ax – Joakim Skarborg (chair).
Hedvig – Lucas Carlsen (CEO, co-founder).

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