Ottonova is receiving €60 million in fresh capital from its existing investors Debeka, Holtzbrinck Ventures, Vorwerk Ventures, and Btov. Additional funding is expected to follow in the first half of 2020. A media partnership is also intended to increase awareness of the insurtech. The Munich-based company offers Germany's first digital private health insurance.
The existing investors of Ottonova have each increased their stakes in the company, founded in 2015. The digital health insurance company aims to use the capital to acquire new customers. With the same goal in mind, the insurtech has entered into a media partnership with Sevenventures, the investment arm of Prosiebensat.1: TV spots have been running on the media group's channels since October.
“We are very grateful for the trust that investors have placed in us,”
says Roman Rittweger, founder and CEO of Ottonova.
"The capital will primarily be used for sales and marketing initiatives so that we can further expand our customer base. And we will continue to invest in our technological leadership to further expand our unique selling point as a purely digital health insurer with the highest customer satisfaction in Germany."
Ottonova aims for insurance premiums in the double-digit million range
Ottonova is trying to attract new policyholders through positive test results in the press and sales via various online and social media channels. The company currently has more than 5,000 customers. According to the company, the churn rate is "almost zero percent." For 2020, the Munich-based company plans to collect premiums in the double-digit millions from its policyholders.
