Germany-based insurance technology producer Ottonova has raised €15m ($16.2m) in a funding round that included Tengelmann Ventures, the corporate venturing arm of retailer Tengelmann, GoingPublic has reported.
The round also featured venture capital firms B-to-V and STS Ventures. Ottonova has reportedly raised a total of €20m to date, VC firm Holtzbrinck Ventures having provided an undisclosed amount of funding in June 2016.
Founded in 2015, Ottonova is developing a digital private health insurance product that it hopes to launch in June 2017. The company largely remains in stealth mode but has said it will offer both full-fledged and complimentary private health insurance.
Ottonova takes its name from Otto von Bismarck, the German chancellor who introduced public health insurance in the country in the 19th century.
Vorwerk Ventures, the investment vehicle of diversified conglomerate Vorwerk, has listed Ottonova as a portfolio company on its website, though details about its involvement have not emerged.