Ottonova, a German digital private health insurer, has raised €34m in Series F funding.
Founed in 2017, ottonova describes itself as “the private health insurance for the mobile age.”
The round was led by Cadence Growth Capital (CGC), with participation of a German family office and existing investors.
Through its digital services, the company aims to help its customers to get and stay healthy.
In addition to private full health insurance and supplementary health insurance, ottonova’s portfolio also includes software solutions for the insurance industry.
Dr. Roman Rittweger, founder and CEO of ottonova, said, “We look forward to this next chapter in the ottonova story with the two new and existing investors at our side. CGC invests in profitable growth companies. That fits in with the times: Not growth per se as the primary goal, but more moderate, with a very strong focus on efficiency. Profitability is the new growth.
“That was our last round of financing before breaking even. Operationally, ottonova has never been in better shape than it is now.”
Leonard Clemens, managing partner and co-founder of CGC added, “As investors, we are looking for the best and most sustainable concepts. This year, the InsurTech and FinTech industry is experiencing how important the resilience of one’s own business model and platform is, and how crucial the relevance in the market is now and in the future. That’s exactly what ottonova gave us, Roman Rittweger and his team convinced us.”
Earlier this year, Loop, an Indian healthcare and insurance startup raised $25m in a Series B round co-led by General Catalyst and Elevation Capital.
Currently, the startup provides group health insurance plans from prominent insurers to companies, bundled with instant, unlimited primary care. The company said that uniquely, they are the only insurance broker in the country with an in-house medical team.
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