hi.health, an Austrian health insurance startup that acts as an intermediary between customers of private health insurance and their services, has raised $1m.
According to a report from SuperFounders, the funding round was led by local venture capital fund Speedinvest, with participation of the American fund Pacific 8 Ventures and the British fund Seedcamp.
The total amount of the investment is undisclosed.
Reportedly the funds will be used to further expand hi.health’s product and to enlarge its team that currently counts seven people.
hi.health was founded in July 2018 by entrepreneurs Frederik Debong, a former founder of mySugr, and his friend Sebastian Gruber.
The Vienna-based startup is dedicated to personalising healthcare pathways. The company aims to provide a smooth and convenient way to work with user’s healh insurance and to get the best fitting help for their condition.
Users can submit their invoices digitally. hi.health then takes care of processing, billing and customer service.
The app is currently only available in Germany.
Gruber said, “We are very early in a market that will be very dynamic. Other European countries will follow Germany’s example and the idea is to be at the forefront.
“The area of InsurTech and HealthTech is extremely exciting at the moment because there is insane dynamism in the market. There are many start-ups in the property insurance area, and there is still reluctance in the health insurance area. We are leading the way. This market will change a lot in the next few years”.
Debong added, “I saw firsthand what positive effects new health technologies can have. However, access to these innovative technologies is often difficult. This is exactly where we start to improve access to the health system. In addition to the health sector, this requires experience and knowledge from the areas of finance, insurance and medtech – but above all an understanding of people.”
Earlier this month, Paytient, which created the Health Payment Accounts (HPAs), raised $40.5m for its Series B round, which was composed of debt and equity.
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