40 million euros for insurtech Ottonova

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

Munich-based insurtech Ottonova secures €40 million in latest funding round. The round is led by Earlybird, an investor in neobank N26 among others, reports Finance Forward First. About half of the sum is a convertible loan, the other half flows directly into the start-up. Existing investors are also increasing their investment.

Ottonova wants to use the money to build up further partnerships. Among other things, Getsafe sells a supplementary dental insurance from the Munich-based company as a white-label partner. "Interest in white-label technology for the health insurance sector is extremely high," said Jesko David Kannenberg, Ottonova's board member for sales and marketing, back in May, according to a statement. Further money is probably flowing into marketing, among other things, to give high discounts on platforms such as MyDealz.

Ottonova has been granted a health insurance license by BaFin since 2017. On the insurtech's website, you can book private health insurance and supplementary insurance.