Wefox smashes it with $125m funding
Wefox, the Berlin-based insurtech firm has raised $125 million for its Series B round, led by Mubadala Investment Company’s newly created European Ventures Fund, reports Rocio Sarriegui at Insurtech Rising.
Wefox is now looking into Asia with the support of SBI
Among the new supporting investors is Creditease, which signals Wefox’s intention to expand into China.
The funding will be dedicated to boost the firm’s expansion into the European broker market. Wefox has also said it aims to apply advanced data analytics to create an all-in-one insurance platform in which “all interactions are personalised”.
Wefox founder and CEO, Julian Teicke, says: “This investment enables us to continue developing our core technology, which includes artificial intelligence (AI) capabilities that will connect customers with the right insurance and automatically process claims all in near real-time making the whole process easier, simpler and safer for our customers.”
This is the first investment for Mubadala’s European Ventures Fund, which comes on the back of Wefox’s announcement of its launch in the Asian market following a partnership with SBI (formerly SoftBank Investment).
“Wefox is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain,” adds Ibrahim Ajami, head of Mubadala Ventures.
The firm says that this investment is the largest Series B round for an insurtech company.
Wefox was founded in 2014 and has grown its revenues to around $40 million.
In previous rounds, Wefox Group has been supported by investors like Target Global, idinvest, Horizons Ventures, Speedinvest, Seedcamp, Mountain Partners, Salesforce Ventures and Sound Ventures, the VC of Hollywood actor Ashton Kutcher.
