Nine-figure capital injection for Wefox

The insurtech should thus reach a multi-billion valuation. It is possible that the IPO will follow soon.

Berlin-based insurtech Wefox is close to closing a $250 million funding round. That's according to Sky News. The money is coming mainly from German VC fund Target Global, which is expected to inject $100 million alone. Thanks to the new funding, Wefox's valuation is expected to rise to $2 billion. The company itself has not yet commented on the reports. For quite some time, there has also been speculation that Wefox could take the plunge and go public in the near future

The Berlin-based start-up offers its customers a platform through which they can easily and digitally manage their existing insurance contracts. The company also offers new contracts and cancellations as a service. Since Wefox operates with a broker's power of attorney, policyholders do not have to cancel their existing policies to do so.

The insurtech makes money from policy commissions it receives from insurers as a broker. The company says its core business is now profitable. 500,000 customers are now with Wefox.