ELMA, which has launched the first native digital health insurance, has closed a Series A worth 3 million euros Led by venture capital and private equity firm Mangrove Capital Partners. In addition, other specialist investors have invested in companies in the health sector, as well as renowned venture capital companies such as Antai Venture Builder, the American Joyance and the spanish background capital at sign.
The objectives of this new round will be promote growth and attract and capture talent to put it at the service of the user.
“It will accelerate our growth and help us create more value for our customers and patients. This bet demonstrates the investors’ confidence in Elma’s potential and in the team. The injection of capital will help us to continue promoting the development of the product and will be the starting point for a significant improvement in our positioning and visibility” ensures Michelangelo AntonCEO & co-founder of ELMA.
“The health insurance industry is not shining as it should thanks to innovation. Although Spain lags behind other markets, it has potential worth billions. Companies like Elma that harness technology to create customer-focused, efficient, and reasonably priced insurance are sure to succeed. We are proud to be part of this great opportunity”, he explained Nikolas Krawinkelprincipal investor of Mangrove Capital Partners.
Elma, an atypical startup in Spain
The startup started its operations under the backing of Miguel Angel Anton (CEO) Y Albert Malagarriga (COO), and the support of Miguel Vicente and Gerard Oliveboth under the title of founding partners.
Miguel Ángel Antón is a serial entrepreneur and has created companies such as Baguise (sold to Resto-in) or Winding. For his part, Albert has been Product Director in different companies, previously founder of Parked Inside solutions, and M & A in PriceWaterhouseCoopers. Both have opted to found an innovative company that provides differential value in the health insurance sector, in the midst of a digital transformation boom.
As the company explained in a statement: ELMA is a health insurance that wants to be part of users’ lives and respond to their needs on a day-to-day basis. Thanks to its technology, it places the user at the center of the health system so that they have access to primary care digitally and to a team of doctors and health advisors in an immediate, personalized, detailed and effortless way”.
Elma has three types of plans available, which They range between 17 and 32 euros per month, and that in its most advanced version includes services such as hospitalization and intervention, as well as 10 free consultations per year.
As explained by Albert Malagarriga, co-founder and COO of Elma, «Elma understands health, not as a specific need, but as a journey where we respond to the day-to-day needs of our users, forming part of their lives. We want to offer them resources and tools so that they can take care of themselves, being proactive and offering them guidance and constant help. In this way, users will be able to keep up to date on everything related to their health in order to help them stay healthy” .
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