In addition to Cadence Growth Capital (CGC), an unnamed Munich single family office and existing investors also participated in the financing. In the past, Ottonova has already convinced investors such as Earlybird Venture Capital, HV Capital and Btov Partners. In total, the startup has raised around 159 million euros in funding so far.
Ottonova: “Our last financing round before break-even”
“We are excited about this next chapter in Ottonova’s story with our new and existing investors by our side. CGC invests in profitable growth companies. That fits the times: not growth itself as a primary goal, but measured growth with a very strong focus on efficiency. Profitability is the new growth”,
says Roman Rittweger, founder and CEO of Ottonova. And reveals:
“This was our last financing round before break-even. Operationally, Ottonova has never been in better shape than it is now.”
CGC specializes in investments in technology companies with strong growth prospects. Leonard Clemens, managing partner and co-founder of CGC, says:
“As an investor, we look for the best and most sustainably viable concepts. The insurance and fintech industry is experiencing this year how important the resilience of its own business model and platform is, how decisive relevance in the market is now and in the future. That’s exactly what convinced us about Ottonova, what Roman Rittweger and his team convinced us of.”
The private health insurance company Ottonova was founded in 2015 by Roman Rittweger, Sebastian Scheerer and Frank Birzle. It focuses on digital services, such as personal advice via chat. The Munich startup’s portfolio includes private comprehensive health insurance and supplemental health insurance as well as software solutions for the insurance industry. The company currently employs around 200 employees.
