40 million euros for insurtech Ottonova

Investor Earlybird is leading the round. Half of the money comes in the form of a convertible loan.

The Munich-based insurtech Ottonova secures 40 million euros in the latest financing round. The round is led by Earlybird, an investor in neobank N26, among others, reports Finance Forward first. Around half of the sum is a convertible loan, with the other half flowing directly into the start-up. The existing investors are also increasing their investment.

Ottonova wants to use the money to build up further partnerships. Among other things, Getsafe sells the Munich-based company's supplementary dental insurance as a white label partner. "Interest in white-label technology for the health insurance sector is extremely high," said Jesko David Kannenberg, Chief Sales and Marketing Officer at Ottonova, in a statement back in May. Further money will probably flow into marketing, among other things to offer high discounts on platforms such as MyDealz.

Ottonova has held a health insurance license from BaFin since 2017. Private health insurance and supplementary insurance can be booked on the Insurtech website.