Wefox Group, the Berlin-based ‘insurtech’ startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox, has raised $125 million in Series B funding. Notably, the round is led by Abu Dhabi government-owned Mubadala Ventures (which is also an LP in Softbank’s Vision Fund) and is the first investment from Mubadala’s newly created European Investment Fund. Chinese investor Creditease also participated.
The investment, which Wefox Group says is the first tranche in the Series B round, will be used for expansion into the European broker market. The German company will also grow its product and engineering teams, specifically in relation to applying “advanced data analytics” to realise Wefox’s vision for an all-in-one insurance platform that places personalisation at the heart of how various insurance cover is sold and delivered.
Wefox’s existing investors include Target Global, Salesforce Ventures, Seedcamp, Idinvest, and Hollywood actor Ashton Kutcher’s investment vehicle Sound Ventures. The startup raised $28 million in Series A funding in late 2016.
In a call with Wefox Group co-founder and CEO Julian Teicke, he disclosed that Wefox has grown its revenues to around $40 million since being founded in 2014. The company now serves more than 1,500 brokers and over 400,000 customers, making it “Europe’s number one insurtech platform”.Sharing is caring! Link to this article:
erlin-based insurance tech startup, raises $125M
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