Since the middle of last year, the Berlin insurance startup Wefox has been looking for a major financing: Now founder Julian Teicke can announce an investment of 110 million euros for his company. Mubadala Investment Company is lead investor in the Series B. The multi-billion dollar sovereign wealth fund of Abu Dhabi invests with its European fund. In addition, Goldman Sachs has participated in the Insurtech startup. The investment bank had also organized the fundraising for Wefox. The third new investor is the Chinese financial company Creditease, which will help expand China.
The founder scene
By a lawsuit, the big round of financing has been delayed, says the startup boss Julian Teicke in conversation with founder scene. In the complaint of the US competitor Lemonade against Wefox it was among other things copyright infringements, several months later it came between the two enterprises to the agreement.
Via the Wefox platform insurance brokers can manage the policies of their customers digitally. Customers have their insurance via Wefox app and can report claims or clarify questions. Insurance One also belongs to the parent company Wefox Group.
With the money from the financing round Wefox wants to expand, also outside of Europe. In cooperation with the former Softbank subsidiary SBI it should go off in Japan, as founders scene and Finanz-Szene.de reported. A total of 200 employees work for the Berlin-based company.
All important background to the business model and the turnover of the startup
Insurtech startup: After 110 million investment: The background to the hyped Wefox The Berlin startup Wefox receives a large funding. But what does the company really make its money with – and does it make a lot of sales? An overview.