Nine-figure capital injection for Wefox

The insurtech is therefore likely to reach a multi-billion valuation. The IPO may follow soon.

The Berlin-based insurtech Wefox is about to close a financing round of 250 million US dollars. This is reported by Sky News. The money comes mainly from the German VC fund Target Global, which alone is to inject 100 million US dollars. Thanks to the new financing, Wefox's valuation is likely to rise to 2 billion US dollars. The company itself has not yet commented on the reports. There has also been speculation for some time that Wefox could take the plunge and go public in the near future.

The Berlin-based start-up offers its customers a platform that enables them to manage their existing insurance policies easily and digitally. The company also offers new policies and terminations as a service. As Wefox operates with a broker's authorization, policyholders do not have to cancel their existing contracts.

The insurtech earns money with portfolio commissions that it receives from insurance companies as a broker. According to the company, its core business is now profitable. Wefox now has 500,000 customers.