Wefox raises $400 million
The new capital increases the insurtech's valuation to 4.5 billion US dollars.
The Berlin-based start-up Wefox receives 400 million US dollars in its Series D financing round. The company states that it now has a valuation of 4.5 billion US dollars. The current round is led by Mubadala Investment Company. Eurazeo, LGT, Horizons Ventures, Omers Ventures and Target Global are also investing. The financing consists of both equity and debt capital.
Julian Teicke, Fabian Wesemann and Dario Fazlic founded Wefox in 20015. The insurtech platform aims to connect insurance partners, sales partners and customers. According to the company, this enabled it to generate a turnover of USD 320 million last year. The start-up aims to generate a turnover of 600 million US dollars by the end of 2022. In addition to Germany, Wefox currently operates in Austria, Poland, Italy and Switzerland. The new funding will be used to drive expansion in Europe and the USA.
The insurtech is also planning to expand its workforce. According to Wefox, it currently employs more than 1,300 people. The company aims to have 2,000 employees by the end of 2022.
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