The individual health insurance industry in Benelux is a critical sector aimed at providing tailored health coverage to individuals, ensuring financial protection in times of need. Key players range from established insurance firms to innovative startups focused on health technology solutions. They offer a variety of products, including primary health coverage, supplemental plans, and telemedicine services. Currently, the industry is pivoting towards digitalization, enhancing customer experience through technology. With the rising demand for personalized health solutions, investors are increasingly interested in this sector, anticipating that digital health innovations will shape its future.


This listing highlights notable investors active in the individual health insurance market within Benelux. The roster features various types of investors, such as venture capital firms and private equity, each contributing to at least three investments in 2024. Their headquarters span Amsterdam, Brussels, and Luxembourg, showcasing a robust regional presence. You’ll find firms ranging in size from small teams to large entities, reflecting a broad industry spectrum and investment opportunity. Collectively, these investors demonstrate a strong commitment to advancing the health insurance market through strategic funding in emerging and established companies.


Top 17 Individual 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 investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the health insurance sector, acquiring a majority stake in Icario, a health action company, and investing $1.15 billion in MedRisk, LLC, which specializes in managed care services for workers' compensation and other health insurance markets. Additionally, their acquisition of ExamWorks further emphasizes their commitment to the health services industry, positioning them as a key player in the individual health insurance landscape.


2. 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 made significant investments in the health insurance sector, including a Series E funding round for Alan, a French health insurance startup, where they participated in raising over $194 million. They also took part in earlier funding rounds for Alan, including a Series D round that raised $220 million. Additionally, Exor invested in Cover, a company that raised $16 million in Series B and $8 million in Series A, both of which are relevant to the individual health insurance market. These transactions highlight Exor's active role in the health insurance industry, making them a relevant investor in this category.


3. 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 and operates across various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has invested in Azos, a Brazilian digital life insurance provider, contributing $10 million in a funding round aimed at improving technology, launching new products, and expanding access to financial protection education. Additionally, they participated in subsequent funding rounds for Azos, raising $6 million in Series A and $30.5 million in Series B. These transactions highlight Prosus's active role in the individual health insurance sector, demonstrating their commitment to fostering innovation and growth in this area.


4. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. 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 significant funding rounds for companies like Big Health, which raised $75 million in a Series C funding round to enhance its digital therapeutics platform, and $39 million in a Series B round. These investments highlight Gilde's focus on companies that are developing solutions relevant to individual health insurance, particularly in the realm of digital health and therapeutics.


5. 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, that specializes in investing in early and mid-stage disruptive companies across various sectors, including fintech and blockchain. They provide capital and strategic support to innovative businesses primarily in the US and western Europe. Notably, SGH has invested in several health-related startups, including Maven Clinic, a telemedicine platform focused on women's health, which raised $2.2 million in seed funding in 2015. They also invested in Cover, which raised $3 million in 2016, and CareSkore, which raised $4.3 million in the same year. Additionally, they participated in funding for Blueberry Pediatrics and Bodyport, further demonstrating their engagement in the health sector. These transactions highlight SGH's interest in health innovation, particularly in areas that could relate to individual health insurance.


6. 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 strong 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 several transactions relevant to the healthcare sector, including a Series B funding round for Modern Family Doctor (MFD) Pvt Ltd, which aims to expand its network of clinics and enhance healthcare access. Additionally, their investment in ComparaOnline, a platform that helps consumers compare insurance products, further demonstrates their engagement in the health insurance space. These transactions highlight Bamboo's commitment to supporting healthcare initiatives that align with their impact investment philosophy.


7. 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, founded in 1824 and headquartered in Saint-Josse-Ten-Noode, Brussels, Belgium, is a corporate investor and a prominent insurance company that offers a diverse range of insurance products, including property, casualty, life, and pensions. With over 10,000 employees, Ageas operates in multiple countries, focusing on customer needs and sustainable growth. Notably, Ageas has been involved in several significant transactions relevant to the individual health insurance sector. For instance, in 2018, they announced the acquisition of a 40% stake in India's Royal Sundaram General Insurance, which is a key player in the health insurance market. Additionally, their acquisition of Groupama in 2012 and the ongoing discussions for a takeover bid for Direct Line in 2024 further illustrate their strategic interest in expanding their insurance portfolio, including health insurance offerings. These transactions highlight Ageas's commitment to enhancing their presence in the individual health insurance market.


8. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, specializing in early-stage investments in innovative technology companies. With a focus on sectors like digital health and education tech, they provide financial support and strategic guidance to entrepreneurs. Notably, they have invested in Wellster Healthtech Group, contributing $20 million to a $60 million Series B funding round aimed at expanding women's healthcare services. Additionally, they have been involved in multiple funding rounds for K Health, an AI-driven personalized care startup, which raised significant amounts in 2020, 2023, and 2024. These transactions highlight Mangrove's active role in the health tech space, particularly in areas that intersect with individual health insurance.


9. 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. Recently, JAB has expanded its portfolio into the insurance industry, acquiring several companies that are relevant to individual health insurance. Notable transactions include the acquisition of Pumpkin Insurance Services in May 2023 and the significant acquisition of Prosperity Life Group for USD 25 billion, which encompasses various insurance companies and asset management services. These strategic investments indicate JAB's commitment to long-term value creation and diversification into the insurance market, particularly in areas that may intersect with individual health insurance.


10. Aegon

  • Website: aegon.com
  • Type: Corporate
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 1983
  • Headcount: 10001+
  • LinkedIn: aegon

Aegon Ltd. is a public company based in The Hague, South Holland, Netherlands, specializing in life insurance, pensions, and asset management. Founded in 1983, Aegon provides financial security solutions to individuals and businesses, helping them manage risks and prepare for the future. The company operates in various markets, offering tailored financial services to meet diverse customer needs. Notably, Aegon has been involved in several significant transactions that align with the individual health insurance sector. In 2018, Aegon Nederland acquired Robidus, a service provider focused on income protection, for an estimated deal value between €50 million and just under €100 million. This acquisition is expected to enhance Aegon's existing services in pensions and income protection, which are closely related to health insurance. Additionally, Aegon's participation in funding rounds for companies like Coverfox Insurance and GoBear indicates their interest in innovative insurance solutions, further solidifying their relevance in the individual health insurance market.


11. 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 founded in 1997, based in Veessen, Gelderland, Netherlands. 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. By providing funding and expertise, DOB Equity helps entrepreneurs navigate challenges and contribute positively to their communities. Notably, DOB Equity has invested in several health-related startups, including Eden Care Medical, a digital insurer in Rwanda that raised pre-seed funding to offer telemedicine services, and Zuri Health, a digital healthcare company that aims to expand 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, making them a relevant investor in this space.


12. Sofina

  • Website: sofinagroup.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1898
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: sofina

Sofina is a Brussels-based venture capital investment company founded in 1898, specializing in providing patient capital to growing businesses across various sectors, including telecommunications, consumer goods, and energy. Recently, Sofina has expanded its portfolio to include significant investments in the health tech sector. Notable transactions include a co-lead investment in Oviva, a U.K. startup focused on health management, which raised $80 million in Series C funding to scale its operations. Additionally, Sofina participated in multiple funding rounds for Twin Health, a company utilizing machine learning to enhance diabetes management, raising $50 million in Series D and $140 million in Series C funding. These investments reflect Sofina's strategic focus on fostering sustainable growth in health-related businesses, making them a relevant player in the individual health insurance market.


13. Healthy.Capital

  • Website: healthy.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: healthydotcapital

Healthy.Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in investing in early-stage startups that focus on digital health solutions aimed at transforming the healthcare landscape through innovative technologies. In 2023, Healthy.Capital participated in funding rounds for Homed-IQ, an at-home medical diagnostics company, and Roott, a digital healthcare platform, indicating their active role in supporting companies that enhance healthcare delivery. Previous investments include Nori Health and Clear, both of which are also in the digital health space. These transactions highlight Healthy.Capital's commitment to improving healthcare access and efficiency, making them a significant player in the digital health sector.


14. 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, their involvement with Ablynx, a biopharmaceutical company, showcases their commitment to healthcare innovation, having participated in multiple funding rounds totaling over $50 million. These transactions highlight Gimv's active role in the healthcare landscape, making them a relevant player in the individual health insurance space.


15. s16vc - Founders for Founders Fund

  • Website: s16vc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: s16vc

s16vc - Founders for Founders Fund is a venture capital firm based in Amsterdam, Netherlands, founded in 2020. The firm focuses on providing advisory services to businesses, emphasizing the importance of strategic guidance. Notably, s16vc has participated in several transactions relevant to the health sector, including investments in Paloma Health, which focuses on chronic disease management, and Nutrisense, which offers health monitoring solutions. Additionally, Collectly, another investment, operates in the healthcare billing space, which intersects with health insurance. These transactions highlight s16vc's engagement with companies that are relevant to individual health insurance, showcasing their interest in the health and wellness industry.


16. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, they have invested in several health-related companies, such as Liva Healthcare, which raised EUR 24.5 million to enhance digital chronic disease prevention and management. They also participated in the funding rounds for Cuure, a health-focused company, and Eka.Care, which aims to improve healthcare technology and consumer education on health profiles. These transactions highlight Verlinvest's commitment to supporting innovative solutions in the health sector, making them a relevant player in the individual health insurance landscape.


17. NPM Capital

  • Website: npm-capital.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1948
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: npm-capital

NPM Capital is a private equity investment firm based in Amsterdam, Netherlands, founded in 1948. The firm specializes in supporting medium-sized and large companies, particularly family-owned enterprises in the Benelux region. NPM Capital provides capital and strategic advisory services to help these businesses achieve growth and sustainability. The firm operates across various sectors, including technology and education, but has also made significant investments in the health insurance industry. Notably, NPM Capital acquired Independer, a health insurance comparison platform, in November 2007, which highlights their involvement in the individual health insurance market. Additionally, they acquired Mentaal Beter, a mental health service provider, in January 2014, further demonstrating their interest in health-related services. Their investment strategy emphasizes long-term partnerships with portfolio companies, which is crucial for fostering innovation and stability in the health insurance sector.



Individual Health Insurance Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
SghLuxembourg1-1020153
Bamboo Capital PartnersLuxembourg11-5020071
Ageas GroupSaint-Josse-Ten-Noode, Brussels, Belgium10001+18243
Mangrove Capital PartnersLuxembourg11-5020005
Jab Holding Company LLCAmsterdam, North Holland, Netherlands10001+20071
AegonThe Hague, South Holland, Netherlands10001+19830
DOB EquityVeessen, Gelderland, Netherlands1-1019971
SofinaBrussels, Brussels, Belgium51-20018984
Healthy.CapitalAmsterdam, North Holland, Netherlands1-1020172
GimvAntwerp, Flanders, Belgium51-20019808
s16vc - Founders for Founders FundAmsterdam, North Holland, Netherlands11-5020207
VerlinvestBrussels, Brussels, Belgium11-5019955
NPM CapitalAmsterdam, North Holland, Netherlands11-5019481


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