- Serbian-Hungarian insurtech Ominimo raised $22.5 million in a Series B round led by EBRD, bringing its valuation to $1.6 billion.
- Ominimo hit unicorn status in about two years, faster than EBRD’s three prior unicorn exits.
- Ominimo’s own gross written premium run-rate has grown 12x since 2024.
A development bank helped create a $1.6 billion insurance unicorn, marking an important milestone for the industry.
Ominimo is a Budapest-based insurtech started by Serbian and Hungarian founders. The company just closed a $22.5 million Series B round led by the European Bank for Reconstruction and Development’s venture capital arm, valuing Ominimo at $1.6 billion.
So far, Ominimo has only sold policies in Europe.
Why did a development bank lead this round?
The EBRD’s venture arm usually invests between €2 million and €30 million in early and growth-stage tech companies across Central and Eastern Europe, the Middle East, North Africa, and Central Asia. Its main goal is to support economic development in transition markets, not just Europe’s fastest-growing consumer fintechs.
Previous unicorns like PandaDoc, DocPlanner, and PicsArt took several years to reach that status, but Ominimo did it in about two years.
Ominimo has grown quickly thanks to a business model where it does not take on all of its own insurance risk. Founded in 2024 by former McKinsey consultants and mathematicians Dusan Komar, Dennis Weinbender, and Laslo Horvath, along with co-founder Kristina Kozina, Ominimo works as a managing general agent.
The company uses hundreds of data points to price risk, while traditional insurers use only five or six. Ominimo also manages customer relationships and claims, but partner carriers take on the underwriting risk. These partners include Signal Iduna in Hungary and Zurich Insurance Group’s German unit, DA Direkt, in Poland, the Netherlands, and Sweden.
If Ominimo gets its own license, it could keep more of the profits it now shares with partner carriers. But this would mean setting aside about 20 cents of regulatory capital for every euro of premium underwritten. That is why some of the new funding will go toward getting a license, not just growing the business.
Answer to Europe’s insurtech
The sector often compares Ominimo to WeFox, once Europe’s best-funded insurtech at a $4.5 billion valuation but now divesting business units and seeking emergency financing after rapid growth without sufficient underwriting discipline. In contrast, Ominimo has been profitable in Hungary since launch, remains profitable through this round, and is expanding with a focus on sustainable growth rather than scale at any cost.
Ominimo’s results back up this strategy. Its annualised gross written premium run rate jumped from €26.3 million in 2024 to about €307 million now, with nearly one million customers in Hungary, Poland, the Netherlands, and Sweden.
The company plans to expand into Belgium and Romania this summer, then into Spain, Italy, and France, and hopes to enter the US market in 2027. The team grew from 40 to 50 last year and now stands at 130, with a goal of reaching 150 by the end of the year. Two-thirds of the staff work in data science or software engineering, including eight mathematics olympiad medalists.
The open question behind the valuation
Ominimo is not the only insurtech company focusing on discipline instead of fast growth. Alan has built a similar reputation in health insurance, while Corgi decided to create a full-stack carrier model from the start, instead of depending on partner insurers.
This difference raises an important question: Can a managing general agent that does not yet take on its own risk keep a $1.6 billion valuation once it does? Or is that valuation based more on its distribution and data science strengths than on traditional insurance operations?
