Vienna-based InsurTech hi.health has bagged €6m in a pre-Series A financing round, as it looks to expand across Europe.
The round successfully secured investment interest from notable existing investors such as SpeedInvest and Calm/Storm, while also welcoming new international investors Haymaker Ventures, Fin VC, and Nina Capital, signifying growing confidence in the lucrative health insurance market, according to EU Startups.
The newly acquired funding marks a pivotal moment for the team at hi.health, poised to scale its workforce, diversify its product line, and bolster its footprint in the market.
In tandem with this expansion, the company aims to cultivate new partnerships, while setting its sights on extending services to pharmaceutical firms and providers of doctor software in the foreseeable future.
Founded by Fredrik Debong (ex-mySugr) and Sebastian Gruber in 2018, hi.health aims to simplify the reimbursement process for insured individuals. The company’s innovative digital InsurTech solution offers a streamlined approach to billing, ensuring a quicker and more accessible process for medical expenses.
The startup’s app facilitates seamless invoice submission, handling subsequent processing, billing, and customer service, ensuring a hassle-free experience for users.
Sebastian Gruber, co-founder and CEO of hi.health: “The fact that we have already been able to process several hundred thousand submissions for our users after almost three years on the market shows how great the need is for a digital solution for reimbursement for private insurance companies. The fresh capital now gives us the opportunity to further expand our great team and to offer partner companies and users even more digital services from hi.health in the future.”
Markus Lang, Partner at SpeedInvest: “hi.health has developed a unique solution for the interface between InsurTech and FinTech and has shown the potential of this market over the past few years. We are therefore looking forward to supporting the great team in the future.”
Phin Upham, managing partner of Haymaker Ventures: “No insurance is complete without paperwork, but the paperwork doesn’t have to be tedious. With the help of its technology, hi.health is improving the payment process enormously.”
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