The Berlin InsurTech Wefox collects – as expected – another 400 million – including from Mubadala Investment. A total of 1.3 billion dollars has already flowed into Wefox. The digital insurer’s post-money valuation increases to $4.5 billion from $3 billion.
Mubadala Investment, the state-owned investment company of Abu Dhabi, is investing 400 million US dollars in Wefox, as reported in the current Insider podcast. Eurazeo, LGT, Horizons Ventures and Omers Ventures are also investing in the investment round. A total of 1.3 billion dollars has already flowed into Wefox.
Wefox post-money valuation of $4.5 billion
The last Series C round for the Berlin InsurTech took place in June 2021. At the time, the company raised $650 million at a $3 billion valuation. The fundraising round that just closed has taken the company’s post-money valuation to $4.5 billion. According to wefox, this is the highest rating for a private InsurTech company to date.
Wefox is thus bucking the trend of devaluations of tech companies and showing that the European insurance market still has growth potential,” the InsurTech announced. Founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic, Wefox had sales of $320 million in 2021. 600 million are planned for 2022. The fresh capital is to be used for expansion, among other things. The company is currently on the road in Germany, Austria, Poland, Italy and Switzerland.
The increase in our valuation to $4.5 billion is a clear validation of our business model and makes us the most trusted InsurTech on the market. In addition, our investments in technology already make Wefox one of the most advanced and efficient insurance companies in the world. With growing size, the possibilities to scale faster also increase,” says Wefox founder Teicke.
Wefox has 1300 employees
Wefox has expanded its company from 550 employees in 2020 to more than 1300 employees today. For this year, the Unicorn plans to continue to advertise a large number of positions at different locations. At the beginning of June, wefox announced the appointment of Prince Maximilian von und zu Liechtenstein and the former Klarna Managing Director Hanna Jacobsson to the Board of Directors.
With the new investment, wefox plans to expand into other markets and further develop the platform. It is not yet known which markets are involved. Teicke concludes: “With growing size, the opportunities to scale faster also increase. We will soon open up new markets in Europe. We then plan to expand beyond Europe and focus on the USA and Asia. Until then, we will double the development resources for our product development.”
