German insurtech Wefox secures additional $55m equity funding and $55m credit facility
Berlin-based insurtech Wefox has bagged an additional $55 million in equity funding in an extension of its Series D round alongside a new $55 million credit facility from banking heavyweights JP Morgan and Barclays.
The extension follows on from Wefox’s $400 million Series D round held in July last year and saw participation from existing and new investors including Squarepoint. The company raised the funding at an unchanged valuation of $4.5 billion.
Founded in 2015, Wefox is a full-stack digital insurance company that sells insurance through intermediaries and not directly to customers.
The company plans to put the cash towards growing its business and further developing its technology platform.
“The second close of our Series D round ensures we continue focusing on building an international business with a strong path to profitability,” says Julian Teicke, CEO and co-founder of Wefox.
“We have already taken important measures to fortify our business for the future and early Q1 financial performance shows that we are in good shape to navigate the challenges ahead and continue our international growth in a sustainable way,” Teicke adds.