Wefox raises $400 million
Janina Gerhardt
| 12.07.2022
The new capital increases the insurtech's valuation to USD 4.5 billion.
Berlin-based start-up Wefox receives 400 million US dollars in its Series D financing round. The company says it now has a valuation of USD 4.5 billion. The current round is led by Mubadala Investment Company. In addition, Eurazeo, LGT, Horizons Ventures, Omers Ventures and Target Global are investing. The funding consists of both equity and debt.
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 $320 million in revenue last year. By the end of 2022, the startup aims to generate $600 million in revenue. Currently, Wefox operates in Austria, Poland, Italy and Switzerland in addition to Germany. The new funding will be used to drive expansion in Europe and the US.
The insurtech also plans to expand its jobs. Currently, Wefox says it employs more than 1,300 people. By the end of 2022, the company aims to have 2,000 employees.
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