Spanish startup Elma gets $3.2M for a digital-first health insurance play

Insurtech startup Elma has closed a €3 million (~$3.2M) Series A funding round led by Mangrove Capital partners to build out a digital-first health insurance business starting with Spain, its domestic market.

Also investing in the Series A are a number of unnamed local investors focused on the healthcare space, along with Barcelona-based investor and company builder Antai Venture Builder (AVB), Arroba Capital, and US VC Joyance Capital Partners. 

Elma’s co-founders — Miguel Ángel Antón (CEO), Albert Malagarriga (CPO), and Miguel Vicente and Gerard Olivé (also co-founders of its investor, AVB) — have a background in digital industries and startups, building “user centric experiences”, as Antón puts it.

Healthcare experience in the founding team comes via the COO who we’re told spent 12 years at a C-level position at one of the largest health insurers in Spain (now owned by Bupa). Elma also has a chief medical officer — who Antón touts as bringing a wealth of experience in “digital care”.

Since 2017 the team has been building a number of digital healthcare tools that can be accessed via an app. The idea is to entice subscribers to Elma’s healthcare cover with the promise of tech-enabled convenience and a shorter wait

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