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Germany’s digital insurance unicorn startup, Wefox, has reportedly raised USD 650 million in a Series C funding round, pulling the company’s valuation to USD 3 billion. The startup intends to use the funds to enter into Asia and the US in two years while expanding its footprint in its existing markets in Poland, Switzerland, Austria, and Germany.
Sources close to the matter cited that the latest round was led by Target Global, with participation from existing investors including Sound Ventures, Seedcamp, Mountain Partners, GR Capital, Victory Park Capital, Alma Mundi Ventures, Speedinvest, Salesforce Ventures, CreditEase, Mubadala, Eurazeo, Horizons Ventures, Merian, G Squared, and OMERS Ventures.
New investors included Light rock, LGT, Ace & Co, and FinTLV, along with affiliated investing platforms Decisive, Jupiter, EDBI, Partners Group.
For those unaware, Wefox is a digital insurer specializing in personal insurance products like vehicle insurance, home insurance, and liability insurance.
Previously, the startup amassed a valuation of USD 1.65 billion and said this recent Series C funding is likely the largest fundraise for an insurance firm, sources cited.
Julian Teicke, CEO and Co-Founder of Wefox, on the funding, mentioned the amount raised is much more than what they wanted to raise initially. It was a quick procedure, and they were oversubscribed by 4x or so, he added.
Fabian Wesemann, CFO, and Co-Founder of Wefox expressed they raised a massive amount in a short time, and it took them four weeks to get all commitments in.
Wefox is looking to expand to Italy soon, and bring new additions to its products portfolio, including pet insurance, property and casualty insurance, and health insurance among others.
The organization currently employs 700 agents who exclusively sell Wefox products. It also works through affiliate brokers, of which, roughly 5,000 distribute its products, cited knowledgeable sources.
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