Wefox Series C funding round : German insurtech company raises $650m

Wefox Series C funding round : German insurtech company wefox has raised $650 million in a Series C funding round led by Target Global to take its valuation to $3 billion.

Wefox said that the round marks the largest Series C so far for an insurtech across the world.

The digital insurance company plans to invest the proceeds from the funding round in expanding into the US and Asia within the next couple years while bolstering its footprint in its existing markets in Germany, Switzerland, Austria, and Poland.

The Series C round also saw existing investors such as OMERS Ventures, Gsquared, Merian, Seedcamp, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Horizons Ventures, Victory Park Capital, GR Capital, Speedinvest, Alma Mundi Ventures, Mountain Partners, and Sound Ventures taking part.

Wefox Series C funding round also drew new investors such as LGT, Jupiter, Partners Group, and FinTLV.

Wefox Series C funding round : German insurtech company raises $650m. Photo courtesy of Markus Winkler from Pixabay.

Yaron Valler – General Partner at Target Global, commenting on Wefox Series C funding round, said: “wefox is unique among the insurtech players with ample room for growth ahead. wefox continues to deliver exceptional results backed with demonstrable year-on-year revenue growth, which saw their insurance carrier, wefox Insurance, report a profit earlier this year, marking them out to be the first insurtech to reach profitability.”

Founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic, wefox is a fully licensed digital insurance firm that sells insurance via intermediaries and not directly to customers.

The German insurtech company had also created an in-house regulated insurance carrier called wefox Insurance. In 2020, wefox reported revenue of $143 million.

Commenting on Wefox Series C funding round – Julian Teicke – wefox CEO and founder said: “Our business has grown significantly over the past six years, and since the beginning we have consistently delivered strong year-on-year growth. This year we took several important steps, including unifying the business under one brand, expanding into Poland, and setting up a deep tech team in Paris.

“Within the next few years, we plan to expand our global footprint by increasing our presence in Europe and moving into both the US and Asian markets.”