Munich-based health insurance startup Ottonova has closed a new round of funding led by Tengelmann Ventures.
The size of the round is reported to sit between €15m and €20m.
B-to-V Partners and STS Ventures also joined the round alongside existing backers Holtzbrinck Ventures and Vorwerk Ventures.
Ottonova was founded by physician Dr. Med. Roman Rittweger along with designer Sebastian Scheerer and computer scientist Frank Birzle.
It aims to offer private health insurance that plays a more active role in users’ wellbeing and respond to health queries.
The company will use the capital to continue to develop and launch the platform.
It aims to secure approval from Germany’s financial authority by the end of the year and expand upon its team of 50 employees.
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