Ominimo, an insurance startup based in Poland, has received its first external funding through a strategic investment from Zurich Insurance Group.

Zurich has acquired a 5% stake in Ominimo for €10 million (approximately US$11 million), valuing the startup at €200 million (US$220 million).

Founded a year ago, Ominimo operates in Hungary and focuses on car insurance for consumers. The company has signed up 300,000 policies and achieved profitability in its initial market.

With Zurich as its risk carrier, Ominimo plans to expand into more than 10 markets, beginning with Poland, Sweden, and the Netherlands.

🔗 Source: TechCrunch