D-Ax, a corporate venturing subsidiary of medical device maker Axel Johnson, has taken part in a SEK100m ($10.4m) series A round for Sweden-based online insurance provider Hedvig.
Obvious Ventures led the round, which included fellow venture capital firm Cherry Ventures. The company raised $3.4m in a September 2018 seed round led by Cherry Ventures that also featured existing angel investors Khaled Helioui, Sophia Bendz, Sven Hagströmer and Nicklas Storåkers.
Founded in 2016, Hedvig provides digital insurance policies covering housing, travel, electronic devices and means of transport. It has more than 15,000 clients in Sweden and will use the funding to expand its presence in the home insurance space at home and abroad.
D-Ax’s chairman, Joakim Skarborg, said: “We believe strongly in the quality of [Hedvig’s] product and in the market potential of bringing a much-needed infusion of innovation, customer focus and transparency to the insurance industry.”
