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# Digital insurance provider Hedvig raises more funding
- URL: https://www.swedishtechnews.com/hedvig-raises-more-funding/
- Published: 2022-11-16T12:00:53.000Z
- Updated: 2022-11-20T06:08:49.000Z
- Description: Around a year after raising a $45M Series B funding round, millennial-focused Swedish digital insurance provider Hedvig has secured additional cash – at a significantly lowered valuation.
- Author: Martin Weigert
- Tags: Hedvig

![Screenshot of Hedvig website](https://storage.ghost.io/c/cb/aa/cbaa9996-4d93-4f6d-b930-d76c908df0d1/content/images/2022/11/hedvig-1.png)

Around a year [after raising](https://techcrunch.com/2021/09/28/hedvig-banks-45m-to-expand-its-millennial-focused-insurance-service-in-europe/) a $45M Series B funding round, millennial-focused Swedish digital insurance provider [Hedvig](https://www.hedvig.com/) has secured additional cash, [reports Breakit](https://www.breakit.se/artikel/35055/krisdraget-nar-forlusterna-skenar-hedvig-tar-in-84-miljoner-och-varderingen-rasar-rejalt) (paywall). Existing shareholders Anthemis, Cherry Ventures, Commerz Ventures and Obvious Ventures as well as new investors Neptunia Invest and Holta Invest injected SEK84M (€7.8M, $8.1M) into the 5 year old Stockholm-based startup.

The money was raised at a valuation of SEK950M (€87M, $91M) – that's around 40% lower than what the company was valued at for the Series B round in September 2021\. As a comparison, Hedvig's publicly listed US-based peer [Lemonade](https://www.lemonade.com/) which was started 2 years earlier, lost around 60% of its market cap during the past 12 months. 

According to Breakit, Hedvig generated a loss of -SEK147.9M during the first 8 months of 2022, compared to -SEK93M during the same period the year before.

In an attempt to turn those numbers around, the company recently laid off 12 employees (around 10% of the workforce) and expanded into car insurance.

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