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InsurTech snapshot: the Nordic ecosystem over the last 3 years

We recently deep dived into around 300 InsurTech fundraising rounds announced in the European InsurTech scene.

This is covering a time period from Q1 2020 to Q1 2023. The idea was to assess how the first quarter of this year compares to previous one, as the startup and tech scenes are currently facing tough time.

Overall, 14 deals were announced in the Nordic startup scene in the last 13 quarters. This is a bit less than 5% of all InsurTech rounds unveiled over the same period of time.

Interesting to see that there were regular deals announced from basically the end of the pandemic to mid of last year.

On the other hand, this has been a long term journey as there were already nice activities back in 2020.

But overall, if there are regular deals announced in the Nordic InsurTech ecosystem, these figures are close to Spain or Italy on their own.In terms of money raised, it’s over €148m.

Which is 3% of overall fundings in Europe over the same period of time (though a single player - Hedvig - accounts for €68m on its own). You made the maths it means the ecosystem is still early but there are significant players taking off too.


Hedvig is a leading insurtech startup that specializes in providing a wide range of insurance solutions to individuals and families. With their comprehensive coverage options, they offer home insurance, car insurance, pet insurance, accident insurance, and even student insurance. Hedvig's mission is to make insurance simple, transparent, and customer-centric.

Whether you're a homeowner looking to protect your property, a pet owner concerned about your furry friend's well-being, a car owner seeking reliable coverage, or a student in need of insurance during your academic journey, Hedvig has tailored solutions to meet your specific needs. Their user-friendly platform allows customers to easily navigate through the insurance process, obtain quotes, customize their coverage, and manage their policies conveniently.

Hedvig takes pride in their innovative approach to insurance, leveraging technology and data-driven insights to provide personalized and affordable coverage options. By focusing on the customer experience and utilizing advanced technology, they aim to disrupt the traditional insurance industry and bring a fresh perspective to insurance services. With Hedvig, individuals can have peace of mind knowing that their valuable assets and loved ones are protected by reliable and flexible insurance solutions.

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