We are delighted for Berlin-based
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,
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:
wefoxfrom 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 wefoxrelentlessly deliver on that mission.
Their growth and product
speaksto why consumers agree and their future vision ambitiously builds on these tenets.”
Among the new investors in
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