Next to Cadence Growth Capital (CGC), an unnamed Munich-based single family office and existing investors also participated in the financing. Ottonova has previously attracted investors such as Earlybird Venture Capital, HV Capital, and Btov Partners. The startup has now raised a total of approximately €159 million in funding.
Ottonova: “Our last financing round before break-even”
"We look forward to this next chapter in Ottonova's story with the two new and existing investors on our side. CGC invests in profitable growth companies. This fits the times: not growth per se as the primary goal, but a more moderate one, with a very strong focus on efficiency. Profitability is the new growth,"
says Roman Rittweger, founder and CEO of Ottonova. And reveals:
"This was our last financing round before break-even. Operationally, Ottonova has never been in such a strong position as it is now."
CGC specializes in investments in technology companies with strong growth prospects. Leonard Clemens, Managing Partner and Co-Founder of CGC, says:
"As investors, we seek the best and most sustainable concepts. This year, the insurance and fintech industry is learning how important the resilience of its own business model and platform is, and how crucial market relevance is, now and in the future. Ottonova, Roman Rittweger, and his team have convinced us of this."
Private health insurance Ottonova was founded in 2015 by Roman Rittweger, Sebastian Scheerer, and Frank Birzle. It focuses on digital services, such as personalized advice via chat. The Munich-based startup's portfolio includes private comprehensive health insurance and supplementary health insurance, as well as software solutions for the insurance industry. The company currently employs around 200 people.
