AI insurtech Ominimo bags its first investment at a $220M valuation

How do you get talented engineers to work for a startup in a mundane field at a time when more exciting companies are paying well and hiring aggressively? Here’s an answer from one insurance startup out of Poland called Ominimo: make pay competitive, yes, but more importantly, give those engineers the license to apply their talent and reinvent how the field works. Launching bootstrapped just 12 months ago, Ominomo believes it’s found a different and better approach to understanding and pricing risk. It’s already profitable and growing fast, with 300,000 policies signed up in its first market of Hungary. Now, to fuel its next stage of life, it’s taking its first outside investment from a strategic backer, Zurich Insurance Group. TechCrunch understands from sources that Zurich is making a €10 million equity investment (around $11 million) for 5% of the company, valuing Ominimo at €200 million ($220 million). Neither Ominimo nor Zurich commented on the amount invested but both have conf ... Read full article.