Hedvig banks $45M to expand its millennial-focused insurance service in Europe –
Millennial consumers are emerging as a key demographic in the insurance market, and today a Swedish startup that’s building a business catering specifically to their needs and priorities is announcing a round of funding to fuel its growth. Hedvig, a neo-insurer that provides property, travel, contents, and accident insurance geared to the lifestyles of younger adults — it also has a “clumsiness” policy, and a portion of profits is donated to charity — has raised $45 million in a Series B round of funding. Carlsen and his two co-founders Fredrik Fors and John Ardelius are all younger consumers themselves and built the platform initially around the concept of “nice” insurance, products that are easier and cheaper to buy, faster to use, and generally more attuned to what millennials want. Its first products were around insurance for rented or owned properties; these days, to speak to the wider remint, the homepage features a young man on a European city street doing an extended wheelie on his bike. “With that said, we can clearly see how others want to join in with house insurance being our fastest growing segment.” Ruth Foxe Blader, a partner at Anthemis, and Matthew Jones, an MD at the firm, co-led this investment.
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