wefox Group, Europe's leading Insurtech company, raises $125m Series B

We are delighted for Berlin-based wefox Group who today announce their record-breaking $125m Series B, catapulting the company into pole position as Europe’s leading Insurtech business and one of Europe’s fastest growing Fintech companies.

We first invested in Julian and the team back in 2015 and have been constantly impressed by the determination, drive and execution from that point on. We are delighted to follow-on in this round led by Mubadala Investment Company through its newly created European Ventures fund.

Following their $28m Series A in 2016, the largest of its kind in the Insurtech space at the time, wefox has continued to innovate across the entire insurance space and this $125m Series B investment is further proof of the teams outstanding ability to execute and provide services people actually need. The investment also comes on the back of wefox Group’s announcement that it is launching into the Asian market following a partnership with SBI (formerly SoftBank Investment).

The company,
which was founded in 2014, has grown its revenues to around $40million, while
serving more than 1500 brokers and over 400,000 customers, making it Europe’s
number one insurtech platform.

The investment, which is the first tranche in the series B round, will help spearhead the company’s expansion into the European broker market. It also paves the way for wefox Group to accelerate growth and create the world’s most innovative product and engineering team, applying advanced data analytics to create an all-in-one insurance platform in which all interactions are personalised.

wefox Group
founder and CEO, Julian Teicke, said: “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.”

On the investment our Managing Partner, Reshma Sohoni, comments:

“We backed wefox from the earliest days because we saw an incredibly passionate and high performing team led by Julian and Fabian. We hold a strong thesis that technology has the ability to radically improve the lives of the 7bn people living on this planet and are passionate about investing in the companies who serve them. Insurance is an absolutely critical part of what people need and wefox relentlessly deliver on that mission.

Their growth and product speaks to why consumers agree and their future vision ambitiously builds on these tenets.”

Among the new investors in wefox Group is Creditease, signalling wefox Group’s intention to expand into China. Goldman-Sachs International is advising wefox Group on the investment. Other investors in previous rounds include Target Global, idinvest, Horizons Ventures, Speedinvest, Mountain Partners and Sound Ventures, the VC fund of Hollywood actor Ashton Kutcher.

In December 2018, wefox Group announced that it is forming a partnership with Marsh, a global leader in insurance broking and innovative risk management solutions, to expand the offering beyond personal lines insurance and deliver expanded services to micro and medium-sized businesses across Europe.

For more information on wefox visit wefoxgroup.com