Ottonova raises €34 million

German health insurer Ottonova has raised €34 million, bringing its total funding to $174 million since its inception in 2016. The round was led by private equity investor Cadence Growth Capital (CGC), in addition to existing investors.

Ottonova offers private health insurance with personal consultations via chats and other digital services.

“CGC invests in profitable growth companies. That fits in with the times: Not growth per se as the primary goal, but more moderate, with very strong focus on efficiency. Profitability is the new growth.” – Founder and CEO Roman Rittweger.