The health insurance industry in Benelux is characterized by a mix of public and private providers that offer comprehensive healthcare coverage to individuals and businesses. Companies range from traditional insurers to innovative startups developing digital health solutions. This sector is evolving quickly, driven by technology and changing consumer needs. Notably, telemedicine and personalized health services are gaining traction, significantly influencing how insurance products are structured. As regulatory changes unfold, and ethical imperatives arise, the industry is expected to prioritize versatility and access, focusing on improving patient outcomes and overall health while enhancing operational efficiency.


The list includes a range of investors from various sectors, including venture capital, private equity, and corporate entities, each with a unique investment strategy. Investors such as the European Investment Bank based in Luxembourg, and Gilde Healthcare in the Netherlands illustrate the cross-border nature of investment in health insurance. Throughout 2024, these investors executed numerous transactions, reflecting keen interest and activity within the sector, with players characterized by their substantial assets and commitment to health innovation.


Top 15 Health Insurance Investors in Benelux


1. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC is known for delivering sustainable value and growth through strategic investments. In the health insurance context, CVC has made notable investments, including a $1.15 billion acquisition of MedRisk, LLC, which focuses on healthcare management solutions. They also invested in Fidelis Insurance, contributing to its significant capital raise, and acquired a majority stake in Icario, a health action company. Additionally, CVC's acquisition of Cunningham Lindsey, an insurance services company, showcases their broader engagement in the insurance sector, further emphasizing their relevance in health insurance investments.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB focuses on supporting sustainable projects across various sectors, including health. In recent years, EIB has been involved in significant transactions within the health sector, such as providing debt financing to Sidekick Health, which raised approximately $39.8 million, and Nightingale Health, which secured around $22.7 million. Additionally, EIB has financed companies like Emzor Pharmaceutical Industries and CompuGroup Medical, further emphasizing its commitment to supporting health-related initiatives. These transactions highlight EIB's active role in promoting growth and innovation in the health sector, aligning with its broader mission of fostering sustainable development.


3. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship throughout Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has been involved in several transactions relevant to the health sector, such as its support for Bluedrop Medical, a med-tech company that raised significant funding rounds, including a €10.5 million seed round in 2023 and a $16.9 million venture round in 2021. These investments highlight the EIC's role in promoting health innovation, making it a potential contributor to advancements in health insurance.


4. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in the healthcare sector. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare invests in innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Notably, they participated in funding rounds for Big Health, a company that raised significant capital to enhance its digital therapeutics platform, which is relevant to health insurance as it aims to improve patient outcomes and reimbursement models. Their involvement with Kaiser Permanente Ventures in the same funding round further emphasizes their connection to the health insurance landscape. Overall, Gilde Healthcare's investment strategy and portfolio reflect a commitment to advancing healthcare solutions that can impact health insurance dynamics.


5. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Notably, Exor has been involved in significant transactions within the health insurance context, including a Series E funding round for Alan, a French health insurance startup, which raised approximately $194 million in May 2022. Additionally, Exor participated in Alan's Series D funding round, contributing to a total of $220 million raised in April 2021. Exor has also invested in Cover, a company that operates in the insurance space, with funding rounds in both Series A and Series B. These transactions highlight Exor's active role in the health insurance sector, reinforcing its relevance as an investor in this industry.


6. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology across various sectors, including online classifieds, food delivery, payments, and education technology. Notably, Prosus has made significant investments in the health insurance space, particularly through its involvement with Azos, a Brazilian digital life insurance provider. In 2021, Prosus led a funding round for Azos, contributing $10 million to support the company's technological advancements and expansion of financial education services. Additionally, Prosus participated in subsequent funding rounds for Azos, further solidifying its commitment to the health insurance sector. This strategic investment reflects Prosus's dedication to fostering innovation and sustainable business practices in the health insurance industry.


7. Rockstart

  • Website: rockstart.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: rockstart

Rockstart is a startup accelerator and investment firm based in Amsterdam, Netherlands, founded in 2011. It empowers early-stage founders across various sectors, including AgriFood, Energy, and Emerging Technology, by providing investment, mentorship, and networking opportunities. Notably, Rockstart has invested in several health-related startups, such as Medvice Digital Health, which raised $23,223 in a Pre-Seed round in September 2018, focusing on digital health solutions. They also participated in a seed round for IBISA, a weather-focused agricultural microinsurance startup, which raised €1.5 million in December 2021, showcasing their engagement in the insurance space. Other relevant transactions include investments in SmartBridge Health and Be Sure Healthcare, further emphasizing their involvement in the health sector.


8. Sgh

  • Website: sghcapital.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: sghcapital

SGH Capital is a venture capital firm based in Luxembourg, founded in 2015. The firm specializes in investing in early and mid-stage disruptive companies across various sectors, including fintech and blockchain. SGH Capital provides capital and strategic support to innovative businesses primarily in the US and western Europe, helping them to grow and succeed in competitive markets. Notably, SGH has made several investments in the health sector, including Maven Clinic, a telemedicine startup focused on women's health that raised $2.2 million in seed funding in 2015. They also invested in CareSkore, which raised $4.3 million in seed funding in 2016, and Guardant Health, which raised $50 million in Series C funding in 2015. These transactions highlight SGH's engagement in the health insurance and healthcare industries, showcasing their commitment to supporting innovative health solutions.


9. Bamboo Capital Partners

  • Website: bamboocp.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: bamboo-finance

Bamboo Capital Partners is an impact investment firm based in Luxembourg, founded in 2007. The firm specializes in providing innovative financing solutions to businesses in emerging markets, with a focus on sectors such as financial inclusion, clean energy, healthcare, and agribusiness. Their mission is to improve the lives of marginalized communities while delivering financial returns. Notably, Bamboo Capital Partners has been involved in significant transactions within the healthcare sector, including a Series B funding round for Modern Family Doctor (MFD) Pvt Ltd, which aims to expand its network of clinics. This investment highlights their commitment to enhancing healthcare access and services. Additionally, they participated in funding ComparaOnline, a technology platform that could potentially improve healthcare insurance accessibility in Latin America. These transactions demonstrate Bamboo Capital Partners' active role in the healthcare industry, making them a relevant player in the health insurance investment landscape.


10. Ageas Group

  • Website: ageas.com
  • Type: Corporate
  • Headquarters: Saint-Josse-Ten-Noode, Brussels, Belgium
  • Founded year: 1824
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ageas

Ageas Group is a corporate investor based in Saint-Josse-Ten-Noode, Brussels, Belgium, founded in 1824. As a multinational insurance company, Ageas offers a wide range of insurance products, including property, casualty, life, and pensions. The company serves both individual consumers and businesses, focusing on managing risks and providing financial protection. Notably, Ageas has made significant investments in the health insurance sector, including a 40% stake acquisition in Royal Sundaram General Insurance Co. Limited in India for €186 million, which highlights their commitment to expanding their presence in health insurance. Additionally, their acquisition of Groupama and ongoing negotiations for Direct Line further demonstrate their strategic approach to enhancing their insurance offerings, including health-related products.


11. Jab Holding Company LLC

  • Website: jabholco.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2007
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: jab-holding-company-llc

JAB Holding Company LLC is a private equity investment firm based in Amsterdam, Netherlands, founded in 2007. The firm specializes in consumer goods and services, operating across various sectors including coffee, fast casual dining, petcare, and beauty. JAB focuses on long-term investments and sustainable value creation, catering to consumers seeking quality products and services. In recent years, JAB has expanded its portfolio to include significant investments in the insurance sector, particularly health insurance. Notable transactions include the acquisition of Embrace Pet Insurance, Figo Pet Insurance, and Pumpkin Insurance Services, which highlight their commitment to the pet insurance market. Furthermore, JAB's acquisition of Prosperity Life Group, a US insurance company, for $25 billion underscores their strategic interest in the broader insurance landscape, including health-related products. These transactions reflect JAB's diversification into the health insurance industry, making them a relevant player in this sector.


12. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, that specializes in early-stage investments in innovative technology companies. With a focus on sectors such as digital health and education tech, they provide financial support and strategic guidance to entrepreneurs. Notably, they have invested in Wellster Healthtech Group, which raised $60 million to expand its healthcare services, including a women's healthcare brand. Additionally, they have been involved in multiple funding rounds for K Health, an AI-driven personalized care startup, which has raised significant capital over the years, including $48 million in Series C and $25 million in Series B funding. These transactions highlight Mangrove's active role in the health tech ecosystem, particularly in areas that intersect with health insurance.


13. Wolters Kluwer

  • Website: wolterskluwer.com
  • Type: Corporate
  • Headquarters: Alphen Aan Den Rijn, South Holland, Netherlands
  • Founded year: 1836
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: wolters-kluwer

Wolters Kluwer N.V. is a prominent information services company based in Alphen Aan Den Rijn, South Holland, Netherlands, founded in 1836. The company provides software solutions and services across various professional sectors, including healthcare, legal, tax, accounting, finance, and compliance. Wolters Kluwer supports professionals by offering tools that enhance productivity and ensure compliance with regulatory requirements. In the healthcare sector, Wolters Kluwer has made strategic acquisitions to bolster its offerings. Notably, in 2015, it acquired Learner's Digest International for $150 million, a provider of continuing medical education for physicians, which enhances its capabilities in medical education. Additionally, it acquired a minority interest in Logical Images in 2008, a company known for its VisualDx software that aids in clinical decision support. These transactions highlight Wolters Kluwer's commitment to advancing healthcare services and education, positioning it as a significant player in the health insurance and healthcare industry.


14. DOB Equity

  • Website: dobequity.nl
  • Type: Private Equity
  • Headquarters: Veessen, Gelderland, Netherlands
  • Founded year: 1997
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: dob-foundation

DOB Equity is an impact investment fund based in Veessen, Gelderland, Netherlands, founded in 1997. The fund focuses on supporting innovative and scalable companies in Eastern Africa, aiming to create social impact while ensuring long-term profitability for its portfolio companies. Notably, DOB Equity has invested in several health-related ventures, including Eden Care Medical, a digital insurer in Rwanda that plans to offer free telemedicine services, and Zuri Health, a digital healthcare company expanding across Africa. Additionally, they have invested in Ilara Health, a healthtech startup in Kenya that is scaling its tech-enabled primary care model. These transactions highlight DOB Equity's active role in the health insurance and healthcare sectors, reinforcing their commitment to improving health outcomes in the region.


15. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has been involved in significant transactions in the healthcare sector, such as their investment in Almaviva Santé, which raised over $54 million in a private equity round in 2013. Additionally, they have a history of supporting companies like Ablynx, which focuses on therapeutic proteins and has raised substantial funding through various rounds, indicating their commitment to advancing healthcare solutions.



Health Insurance Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
European Investment Bank (EIB)Luxembourg1001-5000195899
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
RockstartAmsterdam, North Holland, Netherlands11-50201116
SghLuxembourg1-1020153
Bamboo Capital PartnersLuxembourg11-5020071
Ageas GroupSaint-Josse-Ten-Noode, Brussels, Belgium10001+18243
Jab Holding Company LLCAmsterdam, North Holland, Netherlands10001+20071
Mangrove Capital PartnersLuxembourg11-5020005
Wolters KluwerAlphen Aan Den Rijn, South Holland, Netherlands10001+18364
DOB EquityVeessen, Gelderland, Netherlands1-1019971
GimvAntwerp, Flanders, Belgium51-20019808


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