Digital insurer Wefox raises $650 million in Series C funding round
Germany-based digital insurer, Wefox, has raised $650 million in a Series C funding round led by Target Global, according to the TechCrunch website.
Wefox is focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance.
The funding round was oversubscribed by around four times, according to Wefox co-founder and CEO, Julian Teicke.
New investors are cited as FinTLV, Ace & Co, LGT and its affiliated impact investing platform, Lightrock, Partners Group, EDBI, Jupiter and Decisive.
Existing investors involved are OMERS Ventures, G Squared, Mountain Partners, Merian, Horizons Ventures, Eurazeo, Mubadala Capital, Salesforce Ventures, Speedinvest, CE Innovation Capital, GR Capital and Seedcamp.
In March 2019, Wefox raised $125 million for its series B round led by Mubadala Investment Company, through Mubadala’s newly created European Ventures Fund.
With the Wefox app, customers have all Wefox insurance policies on their smartphone, with complete digital management of the contracts.
It operates across five countries, with Italy to follow. The company is based in Berlin and was founded in 2014. It now has more than 600 staff and 700 agents, as well as working through associate brokers. It accrued $140 million in revenue in 2020.