Wefox could soon close a financing round

There were already rumors about an IPO of Wefox at the beginning of 2021. Now the plans have been shelved - and a new financing round is becoming more likely.

Wefox is aiming for another round of financing. A new round of financing could even double the start-up's valuation, industry experts told Handelsblatt.

Wefox has been in existence since 2014 and is based in Berlin. The insurtech operates a platform for insurance providers and brokers. Wefox also sells its own insurance policies.

The start-up did not actually want to raise any more money from investors after the last financing round in June of last year. At that time, Wefox had received 650 million US dollars from investors such as Target Global, FinTLV, Partners Group and the Liechtenstein bank LGT.

Instead, Wefox wanted to aim for an IPO. However, Russia's war of aggression against Ukraine is currently weighing on the market environment. "If the price is right, we would raise money again in a private financing round," Wefox Managing Director Julian Teicke told Handelsblatt.