The individual health insurance industry in the DACH region involves companies that offer tailored health coverage solutions for consumers. This sector is ripe with innovation, constantly adapting to both regulatory changes and technological advancements, such as telemedicine and digital health services. Various types of entities operate here, from established insurance giants like Allianz to emerging insurtech startups focusing on digital platforms. The industry's future trends point toward enhancing customer experience, efficiency in claims processing, and a shift towards preventive care. With increasing healthcare demands, the sector is evolving to provide more comprehensive and user-friendly products.


In 2024, a mix of 19 investors actively contributed to the growth of the DACH individual health insurance industry. These investors range from established corporate entities like Allianz to dynamic venture capital firms such as IBB Ventures, showcasing a balanced investment ecosystem. Most participants are headquartered in major metropolitan areas across Germany, Austria, and Switzerland, and many were founded in the last two decades. Their number of investments varied significantly, with some, like Speedinvest, completing 45 deals, while others made notable contributions through fewer, more strategic projects.


Top 19 Individual 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, emphasizing purpose-driven founders. They provide capital, support, and networking opportunities to help these companies thrive in the competitive health tech landscape. Their portfolio includes diverse teams addressing sensitive health issues. Notable transactions include investments in Vitaance, which raised $2.35 million in a seed round, and Oska Health, which secured $2.67 million in a pre-seed round. Although their investments do not directly target individual health insurance, their focus on health tech could encompass innovations that impact the individual health insurance market.


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 startups scale their operations. Speedinvest's investment focus spans various technology sectors, including Deep Tech, Fintech, and SaaS. Notably, they have participated in significant transactions within the insurtech space, such as their involvement with wefox, a Berlin-based digital insurer that has raised substantial funding to expand its operations. Additionally, Speedinvest invested in 9amHealth, a startup that raised $3.7 million in a seed round, further emphasizing their commitment to health-related ventures. Through these investments, Speedinvest leverages a vast network of industry experts to assist their portfolio companies in navigating the challenges of growth, particularly in the health insurance sector.


3. 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. Notably, they have invested in Getsurance, a German startup that raised €2 million for launching digital disability insurance, showcasing their involvement in the individual health insurance space. Additionally, they participated in funding rounds for RelianceHMO and Reliance Health, which are health-focused companies, further emphasizing their commitment to the healthcare sector.


4. Allianz

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

Allianz, founded in 1890 and headquartered in Munich, Bavaria, Germany, is a leading global insurance company that provides a wide range of insurance products and investment management services. With a workforce of over 10,000 employees, Allianz focuses on risk management and asset protection, helping customers navigate financial uncertainties. In 2024, Allianz announced its acquisition of a 51% majority stake in Income Insurance Limited for approximately USD 1.6 billion, which will enhance its position in the Asian insurance market, particularly in health insurance. Furthermore, Allianz has been involved in funding rounds for Lemonade, a company known for its innovative approach to insurance, including individual health insurance products. This involvement highlights Allianz's commitment to expanding its offerings in the individual health insurance sector and adapting to new market trends.


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 domain, 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 operates in the insurance sector in Kenya, further demonstrating their commitment to the insurance industry. Through these transactions, Allianz X has positioned itself as a key player in the individual health insurance market.


6. IBB Ventures


IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has invested in over 270 startups, providing not only capital but also expertise and resources to help these businesses thrive. Among their notable transactions, IBB Ventures has invested in Getsurance, a startup focused on digital disability insurance, and Dentolo, a dental technology platform that aims to enhance services for patients and insurers. They also participated in the funding of YAS.life, a fitness startup, which aligns with health and wellness initiatives. These investments highlight IBB Ventures' engagement in the health insurance space, making them a relevant player in this sector.


7. 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 a prominent 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 recent years, Partners Group has made significant strides in the health insurance sector, highlighted by their acquisition of Axia Women's Health, a leading provider of women's healthcare in the US, which underscores their focus on health-related investments. Additionally, their participation in the Series C funding round for wefox, a Berlin-based digital insurer, further illustrates their engagement in the insurance market. Furthermore, their acquisition of Foundation Risk Partners, an insurance broker, showcases their strategy to expand their footprint in the insurance industry. These transactions reflect Partners Group's diverse investment portfolio and their active role in the health insurance landscape.


8. 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 a venture capital firm 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 Eden Care, a digital insurer in Rwanda that aims to provide free telemedicine services, showcasing their commitment to health insurance innovation. Additionally, they have invested in At-Home-Doc, which has raised multiple rounds of funding, indicating a sustained interest in health-related services. Their investment in doc-doc further emphasizes their engagement in the health sector, making them a significant player in the individual health insurance landscape.


9. 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 participated in several transactions relevant to the individual health insurance sector, such as Embea, which focuses on embedded life insurance, and SureIn, which aims to enhance product automation in healthcare and pension plans. Additionally, their investment in Dentolo, a dental technology platform, highlights their engagement with companies that serve both patients and insurers. These transactions demonstrate Atlantic Labs' commitment to the health insurance industry, making them a significant player in this space.


10. 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 participated in several relevant transactions in the health insurance sector, including Calingo, a Zurich-based insurance startup, which raised CHF 1.5 million in a seed funding round in 2022, and Health Yourself, which raised $522,359 in a seed round in August 2024. These investments highlight SICTIC's engagement in the health insurance industry, showcasing their commitment to supporting innovative solutions in this field.


11. 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 prominent insurance company headquartered in Zurich, Switzerland, providing a comprehensive range of insurance products and services to both businesses and individuals. Founded in 1985, Chubb operates in 54 countries and specializes in various insurance sectors, including commercial and personal property and casualty insurance, accident and health insurance, and life insurance. Notably, Chubb has made significant strides in the individual health insurance market, exemplified by its acquisition of LINA Life Insurance Company of Korea from Cigna Group for USD 5.75 billion in October 2021. This acquisition enhances Chubb's footprint in the health insurance sector in Asia. Furthermore, Chubb's recent agreement to acquire Healthy Paws, a U.S.-based pet insurance provider, indicates its ongoing commitment to expanding its insurance offerings, including those that cater to individual consumers. Additionally, Chubb's increased stake in Huatai Insurance Group, which focuses on life insurance in China, further solidifies its position in the health insurance market. Overall, Chubb's diverse portfolio and strategic acquisitions position it as a relevant player in the individual health insurance industry.


12. 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. Notably, the fund has participated in significant transactions such as Lemonaid Health, which raised $11 million in a Series A round, indicating an interest in telehealth solutions that can impact individual health insurance. Other investments include mPharma, which raised $18.5 million in Series C, and Kalypsys, which raised $42 million in Series A, showcasing their commitment to advancing healthcare solutions. Their portfolio reflects a diverse approach to health-related investments, making them a relevant player in the individual health insurance landscape.


13. HV Capital

  • Website: hvcapital.com
  • Type: Venture Capital
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: hvventures

HV Capital is a venture capital firm based in Flensburg, Schleswig-Holstein, Germany, founded in 2000. The firm specializes in investing in digital companies and supporting entrepreneurs from seed stage to exit, managing over €2.8 billion in assets. HV Capital has been actively involved in the health insurance sector, particularly through its investments in ottonova, a German digital health insurance provider. They participated in several funding rounds for ottonova, including a Seed round in 2016, Series B in 2017, Series C in 2017, Series D in 2019, and Series E in 2022. This consistent support for ottonova highlights HV Capital's commitment to the digital health insurance space, making them a relevant player in this industry.


14. Swiss Re

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

Swiss Re Ltd is a reinsurance company based in Zurich, Switzerland, founded in 1863. It provides a wide range of insurance and risk management solutions, particularly in the insurance sector. The company operates globally, offering services such as property and casualty reinsurance, life and health reinsurance, and corporate solutions. Notably, Swiss Re has been involved in several significant transactions relevant to individual health insurance. For instance, they co-led a $230 million funding round for Waterdrop, a Chinese online insurance platform, which focuses on innovative insurance solutions. Additionally, Swiss Re acquired a 23% stake in Paytm Insuretech, aiming to enhance its insurance offerings and leverage Paytm's extensive customer base. They also participated in funding rounds for Getsafe, a digital insurance provider, which indicates their commitment to investing in companies that are shaping the future of 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. 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. This involvement in health insurance startups highlights b2venture's strategy of backing entrepreneurs in the health sector, enhancing their position in the European venture capital landscape.


16. 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 significant social and environmental impact. They provide both investment and strategic support to entrepreneurs across various sectors, including healthcare, education, and sustainability. Notable transactions include 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 have invested in Repositive, a company that closed a Series A funding round with their lead investment, and in hometouch and Talea during their seed rounds. These transactions highlight Ananda's commitment to enhancing healthcare services, which is closely related to the individual health insurance sector.


17. TA Ventures

  • Website: taventures.vc
  • Type: Venture Capital
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: ta-ventures

TA Ventures is a venture capital firm based in Frankfurt, Hesse, Germany, founded in 2010. The firm specializes in early-stage technology startups across various sectors, including HealthTech and FinTech. TA Ventures provides capital and strategic support to help startups grow and succeed in competitive markets. They have a global presence and actively engage in building networks for their portfolio companies. Among their notable transactions, they invested in Medigo, which raised $2,898,395 in a seed round in 2014, and Sensely, which raised $2,500,000 in a Series A round in 2015. More recently, they participated in the seed round of Cleverea, a Spanish insurtech company, which raised 5 million euros to launch new products and accelerate growth. This involvement in health-related startups highlights their active role in the health insurance and technology sectors.


18. Redstone


Redstone is a venture capital firm based in Berlin, Germany, founded in 2014. The firm specializes in investing in technology startups across various sectors, including FinTech, Industrial, Sustainability, and Quantum. Redstone provides investment management services and conducts research on the venture capital landscape, particularly focusing on the participation of pension funds in the startup ecosystem. Notably, Redstone has been involved in significant transactions within the health insurance context, such as their investment in Orus, a French insurtech company that raised €11 million in Series A funding, indicating their interest in innovative insurance solutions. Additionally, they participated in the Series B funding of Humanoo, a Berlin-based B2B digital wellness solution, which aligns with health and wellness initiatives. These transactions highlight Redstone's engagement in the health insurance sector, making them a relevant investor in this space.


19. BlueOrchard Finance Ltd


BlueOrchard Finance Ltd is an investment management firm based in Zurich, Switzerland, specializing in impact investing. Founded in 2001, the firm offers a range of investment products aimed at generating social and environmental impact alongside financial returns. Their clientele includes institutional investors and private clients who seek to align their investments with their values. BlueOrchard operates globally, with a focus on emerging and frontier markets. Notably, they have been involved in several transactions relevant to the insurance sector, including a $6.7 million investment in Probus Insurance, an online insurtech platform, aimed at geographic expansion. Additionally, they participated in a Series B funding round for Naked Insurance, which raised over $37 million, further indicating their active role in the insurance industry. These transactions highlight BlueOrchard's commitment to investing in innovative insurance solutions, which may encompass individual health insurance products.



Individual Health Insurance Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Calm/StormVienna, Vienna, Austria1-10202013
SpeedinvestVienna, Vienna, Austria51-200201145
Picus CapitalMunich, Bavaria, Germany11-50201528
AllianzMunich, Bavaria, Germany10001+18905
Allianz XMunich, Bavaria, Germany11-5020166
IBB VenturesBerlin, Berlin, Germany11-50199718
Partners GroupBaar, Zug, Switzerland1001-5000199619
SeedstarsCarouge, Geneva, Switzerland201-50020126
Atlantic LabsBerlin, Berlin, Germany11-50201313
SicticZurich, Zurich, Switzerland201-500201477
ChubbZurich, Zurich, Switzerland10001+19853
Novartis Venture FundBasel, Basel, Switzerland11-50199610
HV CapitalFlensburg, Schleswig-Holstein, Germany11-50200028
Swiss ReZurich, Zurich, Switzerland10001+18630
b2ventureSt. Gallen, St. Gallen, Switzerland11-50200015
Ananda Impact VenturesMunich, Bavaria, Germany11-5020106
TA VenturesFrankfurt, Hesse, Germany11-5020105
RedstoneBerlin, Berlin, Germany11-50201414
BlueOrchard Finance LtdZurich, Zurich, Switzerland51-200200115


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