Analysis
Ominimo, a Serbian-Hungarian insurtech, raised $22.5 million in a Series B round led by the investment arm of the European Bank for Reconstruction and Development, valuing the company at $1.6 billion and making it Serbia's first unicorn. The round comes just two years after the company launched.
Ominimo uses AI, data analytics and mathematical models to price insurance and assess risk, and says it has grown its annualized gross written premium run rate to roughly €307 million within two years, approaching one million customers across four European markets while remaining profitable -- an unusually clean financial profile for a company at this stage. Zurich Insurance joined as a strategic distribution partner and minority shareholder during Ominimo's Series A last year, a relationship that has likely helped underwrite the growth behind this round's valuation.
The company plans to use the new capital for insurance licensing, further AI development, product expansion, and international growth, with an eye toward entering the US market in 2027. A relatively modest $22.5 million check unlocking a $1.6 billion valuation reflects how much weight investors are placing on Ominimo's already-profitable unit economics rather than pure growth-stage cash burn.
What to watch: whether Ominimo's profitability holds as it expands into new European markets and eventually the US, and whether its AI-driven underwriting model attracts competitive responses from larger incumbent European insurers watching a two-year-old startup reach unicorn status.
