Founded in Switzerland and now based in Berlin, InsurTech startup wefox will receive an investment of 110 million euros in a series B round. This is the highest amount ever paid by a German insurance startup.
The 110 million euro investment for wefox is the largest Series B financing round to date for a German InsureTech. The InsureTech startup was founded by Julian Teicke and his father at the end of 2014 in Switzerland as “FinanceFox”.
The startup has since grown into a group of companies (wefox group), which now deals with several business units. These include, for example, an online platform that connects insurance brokers with customers and an insurance company called “One”. In 2017, the platform also launched in Austria. In its first year, wefox counted around 10,000 customers here, far below the target.
As the wefox group announced in a press release, the $ 110 million investment round was led by Mubadala Investment Company of Abu Dhabi, which has set up its own European mutual fund in partnership with Softbank of Japan.
According to Ibrahim Ajami, Head of Mubadala Ventures, InsureTech is the Fund’s first investment: “We are pleased to launch our European platform with our first investment. The wefox Group solves a fundamental industry theme in an innovative and elegant way by optimizing the key points in the value chain. We look forward to working with the exceptional team, founders, management team and employees. ”
Investment should support expansion of
The investment, which is part of the first installment of the Series B round, is intended to significantly assist the company in its expansion into the European insurance brokerage market. In addition, the investment is to be used according to founder Teicke to increase the team of developers and to further specialize the data analysis. “This investment allows us to further develop our core technology, which uses AI (Artificial Intelligence) among others to bring together customers with the right insurance. The claims are processed automatically and almost in real time, “says Teicke.
Turnover increased to $ 40 million
InsurTech’s startup, founded in 2014, reportedly increased its revenue to $ 40 million last year. According to its own statements, the wefox group now numbers around 1,500 insurance brokers and more than 400,000 customers worldwide.
Also published on Medium.