“At its core, insurance is about security – security for families going through their most challenging times, and for individuals in need of support,” says Julian Teicke, Founder & CEO of Wefox – a digital insurance company. Teicke, through Wefox, wants to offer insurance by creating technology for insurance brokers who can provide optimised and tailored advice “that ensures its customers are protected when they need it most.”
In a recent development, Berlin-based Wefox announced that it has raised $650M (approx €531.64M) in its Series C round of funding, at a post-money valuation of $3B (approx €2.45B). This round represents the largest funding round for an insurtech globally, to date.
Investors and the capital utilisation
The current round was led by Target Global. In addition, the round also saw participation from existing investors including, OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, and Sound Ventures and new investors LGT, Partners Group, Jupiter, and FinTLV.
According to Wefox, the funds will be invested in expanding into the US and Asia within the next two years. In addition, the proceeds will also help the company to strengthen its presence in its existing markets in Germany, Austria, Switzerland, and Poland.