Dec 2019

Written by

Mountain Partners

Wefox, the Berlin-based insurtech, raises USD 110m Series B extension

Wefox Group, the Berlin-based insurtech startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox, is disclosing USD 110m in a second tranche of Series B funding.

The Series B extension is led by OMERS Ventures, the venture capital arm of Canadian pension fund OMERS. Merian Chrysalis, Samsung Catalyst Fund and Mundi Ventures also participated, along with existing investors.

It follows an earlier Series B of USD 125m in March, led by Abu Dhabi government-owned Mubadala Ventures, with participation from Chinese investor CreditEase. Wefox’s other existing investors include Target Global, Salesforce Ventures, Seedcamp, Idinvest and Hollywood actor Ashton Kutcher’s investment vehicle, Sound Ventures.

According to Wefox co-founder and CEO Julian Teicke, the Wefox Group has grown revenues to over USD 100m, and now services more than 500,000 customers, claiming that this makes it Europe’s “leading insurtech.” The company’s direct to consumer insurance brand, One Insurance, has increased annual revenues by nearly tenfold this year and also claims to be Germany’s fastest-growing provider for household and private liability insurance.

Meanwhile, Teicke says the new funding will be used to continue ramping up international expansion in 2020. Wefox is currently active in Germany, Austria, Switzerland and Spain.

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