Wefox, a Berlin-based insurtech startup works with the insurance agencies, brokers and individuals via a digital platform. This way, it facilitates simple and personalised consultations for various types of insurance.
Now, Wefox has raised a whopping €111 million in a Series B funding round led by Mubadala’s European Ventures Fund. This investment comes after the announcement that the startup will launch into the Asian market as it joined hands with SBI (formerly SoftBank Investment). Notably, this is the first investment for Mubadala Ventures. With this, the overall funding raised by Wefox goes to around €144 million.
New funds for expansion
Founded in 2014, Wefox was created by the Swiss brand FinanceFox. It will be used up the investment for the company’s expansion into the European broker market. Also, it will let Wefox Group accelerate growth and come up with the world’s most innovative team that will apply advanced data analytics for its all-in-one insurance platform that will deliver personalised interactions. Even Chinese Creditease has invested in the company hinting at possible expansion into the Chinese market.
Aims to deliver better experience
The insuretech startup will also use the investment to develop its core technology. This includes AI capabilities that will let customers connect with the suitable insurance and process the claims automatically in real-time. Eventually, the overall process becomes easier, safer and simpler for customers.
“Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world,” said WeFox Group founder and CEO, Julian Teicke.
“We are excited to launch our European platform with our first investment,” said Ibrahim Ajami, head of Mubadala Ventures. “Wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with Wefox Group’s exceptional team of founders, management team and employees.”
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