The health insurance industry in the DACH region includes a wide range of companies providing coverage for medical expenses, preventive care, and wellness initiatives. Major players such as traditional insurers and innovative startups ensure that clients range from individuals to large corporations. With increasing demand for personalized health services and digital solutions, companies are adapting by integrating technology into their offerings. Recent trends point to improvements in telemedicine and mental health support, driven partly by the ongoing evolution of patient-centered care. As they respond to regulatory changes and emerging healthcare challenges, the industry is set for transformative growth.

This list features 16 prominent investors in the DACH health insurance sector, comprising corporate venture firms, private equity players, and venture capitalists. Headquartered in key cities like Munich, Vienna, and Zurich, these investors vary in size, from small teams to large organizations with thousands of employees. Established between 1863 and 2016, many investors placed their stakes in the health insurance market with notable deal counts in 2024, signalling their confidence in the sector. Companies like Allianz, with strategic acquisitions, showcase their commitment to both innovation and expanding their market reach.

Top 16 Health Insurance Investors in DACH

1. 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 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.

2. Speedinvest

• Website: speedinvest.com
• Type: Venture Capital
• Headquarters: Vienna, Vienna, Austria
• Founded year: 2011
• Headcount: 51-200
• Number of deals in 2024: 45
• LinkedIn: speedinvest

Speedinvest is a venture capital firm based in Vienna, Austria, founded in 2011. The firm specializes in funding early-stage tech startups across Europe, providing both capital and hands-on support to help these companies scale their operations. Speedinvest's investment focus spans various technology sectors, including Deep Tech, Fintech, and SaaS. They leverage a vast network of industry experts to assist their portfolio companies. Notably, Speedinvest has been involved in significant transactions in the health insurance context, such as their participation in funding rounds for wefox, a Berlin-based digital insurer that has raised substantial capital to expand its operations. Additionally, they invested in Fertifa, a reproductive health startup, showcasing their commitment to health-related ventures. These transactions highlight Speedinvest's active role in the health insurance industry, despite their broader investment strategy.

3. Allianz

• Website: allianz.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1890
• Headcount: 10001+
• Number of deals in 2024: 5
• LinkedIn: allianz

Allianz is a leading global insurance company based in Munich, Bavaria, Germany, founded in 1890. With a workforce of over 10,000 employees, Allianz provides a wide range of insurance products and investment management services to individuals and businesses. The company focuses on risk management and asset protection, helping customers navigate financial uncertainties. Allianz has a strong global presence and aims to create long-term value for stakeholders through innovative solutions. Notably, Allianz has made significant investments in the health insurance sector, including a recent acquisition of a 51% stake in Income Insurance Limited, a prominent health insurance provider in Singapore, for approximately USD 1.6 billion. This acquisition is expected to enhance Allianz's position in the Asian insurance market. Additionally, Allianz has participated in funding rounds for Lemonade, an insurance company that offers various insurance products, including health insurance, indicating their commitment to expanding their footprint in the health insurance industry.

4. Picus Capital

• Website: picuscap.com
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: picus-capital

Picus Capital is a venture capital firm based in Munich, Bavaria, Germany, founded in 2015. The firm specializes in early-stage technology investments and partners with innovative startups across various sectors, including fintech and healthcare. Picus Capital provides not only capital but also strategic guidance and HR support to empower entrepreneurs in building sustainable category leaders globally. Among their notable transactions in the health insurance context, they have invested in RelianceHMO, contributing to multiple funding rounds totaling $46 million, and Getsurance, which raised €2 million for launching digital disability insurance. These investments highlight Picus Capital's commitment to supporting advancements in the health insurance industry.

5. Allianz X

• Website: allianzx.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2016
• Headcount: 11-50
• Number of deals in 2024: 6
• LinkedIn: allianzx

Allianz X is a corporate venture capital firm based in Munich, Bavaria, Germany, founded in 2016. It specializes in investing in digital growth companies within the insurtech and fintech sectors, providing both strategic support and capital to help these companies scale their operations. Notably, Allianz X has made significant investments in the health insurance context, including a $96.6 million investment in BIMA, a startup that offers microinsurance and healthcare services in emerging markets. This investment was part of a $107 million financing round aimed at expanding BIMA's health services, particularly in response to increased demand during the COVID-19 pandemic. Additionally, Allianz X acquired a 66% stake in Jubilee Allianz General Insurance Limited, which further solidifies its presence in the insurance market, including health insurance. Through these transactions, Allianz X demonstrates a commitment to supporting innovation and growth in the health insurance sector.

6. IBB Ventures

• Website: ibbventures.de
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn: ibb-beteiligungsgesellschaft-mbh

IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has supported over 270 startups, providing not only funding but also expertise and resources to help these businesses thrive in competitive markets. Notably, IBB Ventures has been involved in several transactions relevant to the health insurance industry. They invested in Getsurance, a startup focused on digital disability insurance, which highlights their commitment to innovative health insurance solutions. Additionally, their investment in Dentolo, a dental technology platform, showcases their interest in enhancing healthcare services for both patients and insurers. Furthermore, their participation in YAS.life, a fitness startup, indicates a broader engagement in health-related ventures, aligning with trends in preventive health and wellness.

7. Novartis

• Website: novartis.com
• Type: Corporate
• Headquarters: Basel, Basel, Switzerland
• Founded year: 1996
• Headcount: 10001+
• Number of deals in 2024: 7
• LinkedIn: novartis

Novartis AG is a pharmaceutical company based in Basel, Switzerland, founded in 1996. The company develops and manufactures innovative medicines aimed at addressing serious diseases across various therapeutic areas. Novartis emphasizes research and development to enhance patient outcomes globally. In recent years, Novartis has engaged in several transactions that reflect its commitment to health technology and patient care. For instance, they participated in a seed round for Patientory, which focuses on healthcare data management, and supported Medtech Africa through grants aimed at fostering health tech innovation in Africa. Additionally, Novartis was involved in a Series A funding round for NuvoAir, a company that develops digital care platforms for decentralized clinical trials, further showcasing their interest in advancing healthcare solutions that could impact health insurance models. These activities highlight Novartis's role as an investor in the broader healthcare landscape, including areas relevant to health insurance.

8. Partners Group

• Website: partnersgroup.com
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn: partners-group

Partners Group Holding AG is an investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. In the health insurance context, Partners Group has made significant investments, including the acquisition of Foundation Risk Partners, a US-based insurance broker, and the planned acquisition of Axia Women's Health, a prominent women's healthcare provider. Additionally, they participated in the funding round for Wefox, a digital insurer, further demonstrating their engagement in the health insurance industry.

9. Seedstars

• Website: seedstars.com
• Type: Venture Capital
• Headquarters: Carouge, Geneva, Switzerland
• Founded year: 2012
• Headcount: 201-500
• Number of deals in 2024: 6
• LinkedIn: seedstars

Seedstars is an investment and education company based in Carouge, Geneva, Switzerland, founded in 2012. The firm focuses on supporting startups and entrepreneurs in emerging markets through various programs, including acceleration and growth initiatives, investment readiness, and the operation of entrepreneurship hubs. Seedstars collaborates with governments, investors, and development agencies to foster entrepreneurial ecosystems and drive social and economic development. Notably, Seedstars has invested in health insurance-related startups, such as Eden Care Medical, a digital insurer in Rwanda that aims to provide free telemedicine services and reduce administrative costs. They have also supported At-Home-Doc, which raised funds to enhance healthcare accessibility. These transactions highlight Seedstars' active role in the health insurance sector, particularly in innovative solutions that cater to emerging markets.

10. Novartis Venture Fund

• Website: nvfund.com
• Type: Venture Capital
• Headquarters: Basel, Basel, Switzerland
• Founded year: 1996
• Headcount: 11-50
• Number of deals in 2024: 10

The Novartis Venture Fund is a venture capital firm based in Basel, Switzerland, specializing in life sciences investments. Founded in 1996, the fund focuses on providing funding and support to innovative biotechnology and biopharmaceutical companies, helping them develop novel therapeutics and address unmet patient needs. The firm has been involved in several notable transactions, including a co-led Series A round for Lemonaid Health, which raised $11 million to enhance telehealth services, a sector increasingly relevant to health insurance. Additionally, their investment in mPharma, which raised $18.52 million in Series C funding, aims to improve access to essential medicines, a critical aspect of health insurance. These investments reflect the fund's commitment to advancing healthcare solutions that can impact patient care and insurance models.

11. Atlantic Labs

• Website: atlanticlabs.de
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2013
• Headcount: 11-50
• Number of deals in 2024: 13
• LinkedIn: atlantic-labs

Atlantic Labs is a venture capital firm based in Berlin, Germany, founded in 2013. The firm is dedicated to supporting exceptional, mission-driven founders throughout their entrepreneurial journey. They focus on investing in startups across various sectors, including climate tech, AI, and digital health, providing both capital and strategic guidance to help these businesses grow. Notably, Atlantic Labs has been involved in several transactions relevant to the health insurance sector. For instance, they participated in a €4 million seed funding round for Embea, a company focused on embedded life insurance, which aims to empower digital platforms to augment their earnings. They also invested in Dentolo, a dental technology platform that closed a €3 million seed funding round, aimed at developing technology for patients and insurers. Furthermore, their investment in SureIn, which raised €4 million to enhance product automation and expand into healthcare and pension plans, highlights their engagement in the insurtech space. These transactions illustrate Atlantic Labs' active role in fostering innovation within the health insurance industry.

12. Chubb

• Website: chubb.com
• Type: Corporate
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 1985
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: chubb

Chubb Limited is a leading insurance company headquartered in Zurich, Switzerland, with operations in 54 countries. Founded in 1985, Chubb specializes in a comprehensive range of insurance products and services, including commercial and personal property and casualty insurance, accident and health insurance, and life insurance. The company serves a diverse clientele, from multinational corporations to local businesses, offering tailored solutions to manage risk and protect assets. Notably, Chubb has made significant strides in the health insurance sector, highlighted by their acquisition of LINA Life Insurance Company of Korea from Cigna Group for USD 5.75 billion in October 2021, which enhances their presence in the health insurance market. Furthermore, their recent acquisition of Healthy Paws, a U.S.-based pet insurance provider, showcases their commitment to expanding their health insurance offerings. Chubb's strategic investments and acquisitions reflect their active role in the health insurance industry, making them a notable investor in this space.

13. Swiss Re

• Website: swissre.com
• Type: Corporate
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 1863
• Headcount: 10001+
• LinkedIn: swiss-re

Swiss Re Ltd, founded in 1863 and headquartered in Zurich, Switzerland, is a leading global reinsurance company that provides a wide range of insurance and risk management solutions. The company operates across various sectors, including property and casualty reinsurance, life and health reinsurance, and corporate solutions. Notably, Swiss Re has been active in the health insurance space, as evidenced by their investment in Paytm Insuretech, where they acquired a 23% stake to enhance the company's insurance offerings. Additionally, they participated in a significant funding round for Waterdrop, a Chinese online insurance platform, which raised $230 million, showcasing their commitment to innovative health insurance solutions. Furthermore, their involvement with Getsafe, a digital insurance provider, through multiple funding rounds highlights their strategy to support modern insurance models that cater to health and life insurance needs. Overall, Swiss Re's diverse portfolio and strategic investments in health insurance-related ventures position them as a relevant investor in this sector.

14. Ananda Impact Ventures

• Website: ananda.vc
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2010
• Headcount: 11-50
• Number of deals in 2024: 6
• LinkedIn: anandaventures

Ananda Impact Ventures is an impact investment firm based in Munich, Bavaria, Germany, founded in 2010. The firm focuses on supporting early-stage companies that aim to create substantial social and environmental impact. They provide both investment and strategic support to entrepreneurs across various sectors, including healthcare, education, and sustainability. Notably, Ananda has been involved in several relevant transactions in the healthcare space, such as their investment in Doctor24, which raised over $10 million in a private equity round, and their co-investment in Doktor 24, a healthcare services provider in Hungary. Additionally, they led a Series A funding round for Caspar Health, which raised over $10 million to develop innovative care models for hospitals and patients. These transactions highlight Ananda's active role in the healthcare sector, particularly in areas that intersect with health insurance.

15. b2venture

• Website: b2venture.vc
• Type: Venture Capital
• Headquarters: St. Gallen, St. Gallen, Switzerland
• Founded year: 2000
• Headcount: 11-50
• Number of deals in 2024: 15
• LinkedIn: btovpartners

b2venture is a venture capital firm based in St. Gallen, Switzerland, founded in 2000. The firm specializes in early-stage investments in innovative startups across various sectors, including health insurance. They provide financial backing and support to entrepreneurs, helping them navigate challenges and scale their businesses. Notably, b2venture has invested in Ottonova, a German digital health insurer, participating in multiple funding rounds including Series B, C, and D, with investments totaling over $80 million. Additionally, they have invested in Getsafe, another digital insurance provider, contributing to its Seed and Series B funding rounds. Their collaboration with a community of angel investors enhances their investment strategy, making them a key player in the European venture capital landscape, particularly in the health insurance sector.

16. Sictic

• Website: sictic.ch
• Type: Venture Capital
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 2014
• Headcount: 201-500
• Number of deals in 2024: 77
• LinkedIn: sictic

SICTIC is a not-for-profit organization based in Zurich, Switzerland, that connects smart money investors with innovative Swiss early-stage technology startups. Founded in 2014, SICTIC provides investment opportunities, networking events, and educational resources to facilitate the growth of startups and the investment community. Notably, SICTIC has been involved in several transactions relevant to the health insurance sector, including their participation in the seed funding rounds for Calingo, a Zurich-based insurance startup, where they contributed to raising CHF 1.5 million in 2022 and $3,720,688 in 2024. Additionally, they have invested in Insurteam, which raised $767,563 in a seed round in January 2025. These transactions highlight SICTIC's active role in supporting health insurance innovations.

Health Insurance Insights: Key Investors in DACH

Investor	Headquarter	Size	Founded	Deals 2024
Calm/Storm	Vienna, Vienna, Austria	1-10	2020	13
Speedinvest	Vienna, Vienna, Austria	51-200	2011	45
Allianz	Munich, Bavaria, Germany	10001+	1890	5
Picus Capital	Munich, Bavaria, Germany	11-50	2015	28
Allianz X	Munich, Bavaria, Germany	11-50	2016	6
IBB Ventures	Berlin, Berlin, Germany	11-50	1997	18
Novartis	Basel, Basel, Switzerland	10001+	1996	7
Partners Group	Baar, Zug, Switzerland	1001-5000	1996	19
Seedstars	Carouge, Geneva, Switzerland	201-500	2012	6
Novartis Venture Fund	Basel, Basel, Switzerland	11-50	1996	10
Atlantic Labs	Berlin, Berlin, Germany	11-50	2013	13
Chubb	Zurich, Zurich, Switzerland	10001+	1985	3
Swiss Re	Zurich, Zurich, Switzerland	10001+	1863	0
Ananda Impact Ventures	Munich, Bavaria, Germany	11-50	2010	6
b2venture	St. Gallen, St. Gallen, Switzerland	11-50	2000	15
Sictic	Zurich, Zurich, Switzerland	201-500	2014	77

Want to find more investors focusing on the health insurance industry?

If you want to find more investors that are active in the health insuranceindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

• Deal History: Number of deals and their sizes.
• Portfolio: Companies they've invested in.
• Contact data: Key dealmakers, including their emails and phonenumbers.
• ...and much more!