Germany-based insurance technology producer Ottonova has secured €10m ($11m) in funding from insurance provider Debeka, according to Süddeutsche Zeitung (SZ).
Debeka has received a stake of “slightly more” than 10% in return for the capital commitment. The investment comes as Ottonova revealed it has obtained an operating licence from Germany’s financial services regulator, Federal Financial Supervisory Authority.
Incorporated in 2015, Ottonova has developed a digital, private health insurance platform aimed particularly at high-earning white-collar workers such as lawyers, consultants and chartered accountants.
The company has raised €40m to date, according to SZ’s report, though only €30m has been publicly declared by Ottonova.
VC firm Holtzbrinck Ventures provided an initial €5m in June 2016, before Vorwerk Ventures and Tengelmann Ventures, respective corporate venturing arms of direct selling group Vorwerk and retailer Tengelmann, contributed to a €15m round in March this year along with B-to-V and STS Ventures.