The Berlin-based insurtech startup WeFox functions with brokers, insurance agencies, and individuals via a digital platform. The company facilitates simple and personalised consultations for different types of insurance.
Founded in 2014 by Julian Teicke, WeFox was created by the Swiss brand FinanceFox. It has grown its revenues and services over 1,500 brokers and 400,000 customers, which makes it the leading insurtech platform in Europe.
Second funding this year!
The German insurtech startup secured $110 million (nearly €99 million) additional Series B funding led by Omers Ventures, which is the venture capital arm of Canada-based pension fund Omers, Merian Chrysalis, Samsung Catalyst Fund, and Mundi Ventures along with existing investors.
This investment comes after the first tranche of Series B funding of €111 million led by Abu Dhabi government-backed Mubadala Ventures along with Chinese investor Creditease. Existing investors of WeFox such as Salesforce Ventures, Target Global, Seedcamp, Idinvest and Sound Ventures, the investment vehicle of Hollywood actor Ashton Kutcher.
Plans to launch in the UK
WeFox is planning to launch a tech hub and its app in London in 2020. This will provide details on customer policies, claims and helps to find new rates. As of now, the Berlin-based insurtech startup has expanded into six countries and claims to have grown its sales to over $100 million.
The company’s founder and CEO stated that it would launch in the UK irrespective of the outcome of Brexit, but added that it will not launch the One Insurance business immediately due to the regulatory barriers if Britain leaves the EU. With the WeFox app, it offers its own home insurance policies via One Insurance.
Works with companion app!
With the help of Artificial Intelligence (AI), WeFox provides users with a better overview of their entire insurance coverage portfolio. It is possible to make changes to the claim or policy, easily request a personal offer, and more. To put in simple words, the WeFox app addresses all the insurance needs of users in one spot.
Main image picture credits: WeFox
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