The health insurance industry in Europe serves millions, providing financial coverage for medical expenses and access to healthcare services. Various entities operate within this sector, from large corporations to startup insurtechs, each aiming to create more accessible and affordable healthcare solutions. Key players offer products ranging from individual health plans to specialized insurance coverage for particular needs. As the industry evolves, technology is reshaping the future with innovations like telemedicine and personalized health plans. The rising demand for digital solutions signifies a transformative phase, pushing insurers to adapt and integrate technology into their offerings.


This list features 15 investors, including corporate, venture capital, and private equity firms based across Europe. Their headquarters span major cities, such as London, Paris, and Madrid, reflecting the industry's concentrated investment activity. Founded from as early as 1981, these firms vary in size and have collectively engaged in a staggering 355 deals in 2024 alone. This profound engagement underscores a robust interest in bolstering the health insurance landscape across the continent.


Top 15 Health Insurance Investors in Europe


1. CVS Group plc

  • Website: cvsukltd.co.uk
  • Type: Corporate
  • Headquarters: Diss, England, United Kingdom (UK)
  • Founded year: 1999
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn:

CVS Group plc is a corporate investor based in Diss, England, founded in 1999. The company operates as a veterinary services provider, offering a wide range of care for small animals, equine, and farm animals. Their services include veterinary care, health programs, and notably, pet insurance. CVS Group has been active in expanding its network through various acquisitions, including Raddenstiles Veterinary Surgery in 2007, Rees Veterinary Centre in 2009, Cundall & Duffy Veterinary Surgeon in 2017, Bennett Williams Vets in 2018, and Maison Dieu Veterinary Group in 2006. These acquisitions have allowed CVS Group to enhance its service offerings and reach more customers, including pet owners who rely on their expertise for animal health and wellbeing. The provision of pet insurance further solidifies their role in the health insurance landscape, particularly within the veterinary sector.


2. PIB Group

  • Website: pibgroup.co.uk
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2015
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: pib-group

PIB Group is a corporate insurance intermediary based in London, England, founded in 2015. The firm specializes in providing tailored insurance solutions across various sectors, catering to both businesses and consumers. PIB Group emphasizes collaboration and customer-centric solutions to meet diverse client needs. Notably, PIB Group has expanded its footprint in the health insurance sector through the acquisition of Balens Insurance Finance Services Limited, a specialist broker in health, wellbeing, fitness, and beauty. This strategic move highlights PIB Group's commitment to enhancing its offerings in the health insurance domain. Additionally, their broader portfolio includes acquisitions like Campion Insurance and Channel Insurance Brokers, showcasing their growth strategy in the insurance market.


3. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital investor based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through various services, including direct funding, export credit insurance, and private equity investments. The institution aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. In the health insurance context, Bpifrance has been involved in several relevant transactions, including a significant investment in Santexpat.fr, an insurtech company that raised EUR 3 million in its latest fundraising round. Additionally, they participated in Lovys' Series A funding round, where the insurtech raised €17 million to enhance its operations and customer experience. These transactions highlight Bpifrance's commitment to supporting innovation in the health insurance sector.


4. Howden Broking


Howden Broking, founded in 1994 and based in London, England, is a corporate insurance broker with a workforce exceeding 10,000 employees. The company offers a diverse range of insurance products, including Home & Contents Insurance and Employee Benefits, catering to both individual consumers and businesses. In 2024, Howden made significant strides in the health insurance sector by acquiring Help Me Compare Group Limited (ActiveQuote), a UK health and life insurance broker, to strengthen its position in the market amidst a 46% surge in demand for private medical insurance. Additionally, Howden's acquisition of Associated Beauty Therapists Ltd, which focuses on health, wellbeing, and beauty insurance, further expands their client base and expertise in the health insurance domain. These transactions highlight Howden's strategic focus on enhancing its capabilities and offerings in the health insurance industry.


5. Kima Ventures

  • Website: kimaventures.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 2010
  • Headcount: 1-10
  • Number of deals in 2024: 50
  • LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, backing two startups per week with financial support and mentorship to help them navigate their initial challenges. Among their notable transactions, Kima Ventures has invested in Dalma, a French pet insurance startup, which raised €15 million in Series A funding in 2022, as well as $2,405,300 in a Seed Round in 2021. This involvement in the insurance sector, particularly in a startup focused on pet insurance, highlights Kima Ventures' engagement with the insurance industry, suggesting a broader interest that could extend to health insurance as well.


6. Crowdcube

  • Website: crowdcube.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: crowdcube-limited

Crowdcube is a London-based crowdfunding platform founded in 2010 that enables businesses to raise capital through equity investments. It connects startups and SMEs with potential investors, facilitating the funding process. The platform promotes diversity and inclusion within its workforce while providing investment management services to its clients. Notably, Crowdcube has been involved in several transactions relevant to the health insurance sector, including Rightangled, which raised a total of $1,623,712 across multiple rounds from 2017 to 2020. Rightangled focuses on health-related services, indicating Crowdcube's active role in supporting health insurance-related ventures. Additionally, Crowdcube facilitated funding for Pikl, a company that operates in the insurance space, raising $2,768,709 in 2023. These transactions highlight Crowdcube's engagement with health insurance and related industries.


7. Octopus Ventures

  • Website: octopusventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2008
  • Headcount: 51-200
  • Number of deals in 2024: 37
  • LinkedIn: octopus-ventures

Octopus Ventures is a venture capital firm based in London, England, founded in 2008. The firm focuses on backing founders and startups across various sectors, including B2B Software, Bio, Climate, Consumer, Deep Tech, Fintech, and Health. They provide funding and strategic support to entrepreneurs, helping them navigate the challenges of building and scaling their businesses. Notably, Octopus Ventures has been involved in significant transactions within the health insurance context, such as their investments in ManyPets, a leading pet insurance provider, where they participated in multiple funding rounds from Series A to Series D, showcasing their commitment to the insurance sector. Additionally, they backed DeadHappy, an insurance technology startup that aims to innovate within the insurance space. These transactions highlight Octopus Ventures' active role in the health insurance industry, making them a noteworthy investor in this field.


8. Index Ventures

  • Website: indexventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1996
  • Headcount: 51-200
  • Number of deals in 2024: 67
  • LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare. They provide capital and strategic support to entrepreneurs, helping them navigate the challenges of growing their businesses. Notably, Index Ventures has been actively involved in the health insurance space through its investments in Alan, a French startup that has raised significant capital over several funding rounds. Alan raised $28.4 million in Series A in April 2018, followed by $45.2 million in Series B in February 2019, $54.3 million in Series C in April 2020, $220 million in Series D in April 2021, and $194.4 million in Series E in May 2022. This consistent support highlights Index Ventures' commitment to fostering innovation in health insurance and related healthcare solutions.


9. Novo Holdings

  • Website: novoholdings.dk
  • Type: Venture Capital
  • Headquarters: Hellerup, Denmark
  • Founded year: 1999
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It manages the assets of the Novo Nordisk Foundation and focuses on investing in life science companies at various stages of development. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, they have participated in significant funding rounds for health-related companies, including a Series C funding round for Clever Care Health Plan Inc., a healthcare startup, and multiple Series C rounds for Doctor Anywhere, a tech-led healthcare company. Additionally, they were involved in a Series D funding round for Halodoc, further emphasizing their active role in the healthcare sector.


10. Mundi Ventures


Mundi Ventures is a venture capital firm based in Madrid, Spain, founded in 2015. The firm specializes in investing in early-stage and growth-stage technology companies, with a particular focus on sectors such as insurtech and health tech. Mundi Ventures manages approximately €500 million in assets and aims to support startups by providing capital and strategic guidance to help them achieve their sustainability goals. Notable transactions include a $18 million investment in Sami, a Brazilian health plan operator, and a $35 million investment in SafetyWing, an insurance firm that offers remote health solutions. They also invested in asistensi, a Madrid-based insurtech startup that enables migrants to purchase emergency medical insurance for their loved ones. These investments highlight Mundi Ventures' active role in the health insurance industry.


11. Ardonagh Specialty

  • Website: ardonagh.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2017
  • Headcount: 1001-5000
  • Number of deals in 2024: 7
  • LinkedIn: ardonagh-specialty

Ardonagh Specialty, part of The Ardonagh Group, is an independent insurance broker based in London, England. Founded in 2017, the firm has quickly established itself in the insurance market, providing a wide range of services including motorcycle and travel insurance. Notably, Ardonagh Specialty has been active in the health insurance sector, highlighted by its acquisition of Usay Group Limited, a key player in Personal Medical Insurance and Protection Insurance in the UK, announced on September 1, 2021. This acquisition reflects Ardonagh's strategy to enhance its offerings in the health insurance domain. Additionally, the acquisition of AccuRisk in April 2021 further demonstrates their commitment to expanding their health insurance portfolio. Their recent acquisition of Benefiz Limited, which focuses on employee benefits, also aligns with health insurance interests, as it aims to support smaller employers in providing health-related benefits to their employees. Overall, Ardonagh Specialty's transactions indicate a strong presence and active role in the health insurance industry.


12. Aon

  • Website: aon.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: aon

Aon plc is a professional services firm specializing in risk management and human capital solutions, founded in 1987 and headquartered in London, England. The company provides a range of services including insurance broking, risk analytics, and consulting to help businesses navigate complex risks and optimize workforce strategies. Aon operates globally, serving clients across various industries. In recent years, Aon has made significant strides in the health insurance sector, highlighted by its acquisition of Admix, a health and benefits brokerage firm in Brazil, aimed at enhancing its capabilities in the Latin American market. Additionally, Aon's acquisition of Benefits Corredores de Seguros Ltda in Chile further strengthens its Health Solutions capabilities. These strategic moves underscore Aon's commitment to expanding its influence in the health insurance industry, alongside its broader insurance and risk management services.


13. Calm/Storm

  • Website: calmstorm.vc
  • Type: Venture Capital
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 13
  • LinkedIn: calm-storm

Calm/Storm Ventures is a venture capital firm based in Vienna, Austria, founded in 2020. The firm specializes in early-stage investments in health tech startups, focusing on purpose-driven founders. They provide capital, support, and networking opportunities to help these companies succeed in the competitive health tech landscape. Their portfolio includes diverse teams addressing sensitive health issues. Notable transactions include a seed round investment in Vitaance, which raised $2,351,470 in February 2023, and Foundation Health, which raised $6,000,000 in March 2024. Additionally, they have invested in 9amHealth, which raised an undisclosed amount in a pre-seed round in March 2021. These investments highlight their active role in the health tech sector, which is closely related to health insurance.


14. SoftBank Investment Advisers


SoftBank Investment Advisers, also known as the SoftBank Vision Fund, is a venture capital fund based in London, England, founded in 2017. The fund specializes in investing in technology-focused companies, particularly those innovating in artificial intelligence. With a diverse portfolio, SoftBank has made significant investments in various sectors, including health tech and fintech. Among their notable transactions in the health insurance context, they led a Series D funding round for Devoted Health, a tech-enabled Medicare Advantage company, raising $1.15 billion to support nationwide expansion. Additionally, they have invested in Collective Health, securing $205 million in a funding round aimed at enhancing growth across all 50 states. These investments reflect SoftBank's strategic interest in the health insurance industry and its potential for technological advancement.


15. 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 investment 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 focuses on delivering sustainable value and growth through strategic investments. Among their notable transactions in the health insurance context, CVC invested $1.15 billion to acquire a majority interest in MedRisk, LLC, a company that provides healthcare solutions. They also played a significant role in Fidelis Insurance, contributing to a $1.5 billion capital raise, positioning Fidelis as a key player in the insurance market. Furthermore, CVC's acquisition of Icario, a health action company, highlights their commitment to the health sector. These investments reflect CVC's strategy to engage with and support companies that are integral to the health insurance landscape.



Health Insurance Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
CVS Group plcDiss, England, United Kingdom (UK)5001-1000019991
PIB GroupLondon, England, United Kingdom (UK)1001-500020159
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Howden BrokingLondon, England, United Kingdom (UK)10001+199414
Kima VenturesParis, Île-De-France, France1-10201050
CrowdcubeLondon, England, United Kingdom (UK)51-20020103
Octopus VenturesLondon, England, United Kingdom (UK)51-200200837
Index VenturesLondon, England, United Kingdom (UK)51-200199667
Novo HoldingsHellerup, Denmark51-200199945
Mundi VenturesMadrid, Madrid, Spain11-5020157
Ardonagh SpecialtyLondon, England, United Kingdom (UK)1001-500020177
AonLondon, England, United Kingdom (UK)10001+19872
Calm/StormVienna, Vienna, Austria1-10202013
SoftBank Investment AdvisersLondon, England, United Kingdom (UK)201-500201714
CvcLuxembourg1001-5000200516


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