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wefox Group, a Germany-based insurtech firm, announced on Monday it secured $650 million through its Series C funding round, which was led by Target Global with participation from OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, Sound Ventures, LGT, Partners Group, Jupiter, and FinTLV. The investment round brings wefox’s total funding to US$3 billion.
Launched in 2015, wefox is a digital platform that connects insurance providers, distributors, and customers. The company reported it has set out to reinvent the way people experience insurance by simplifying its complexities, ensuring total transparency, and eliminating inconvenience.
“In 2020 wefox reported a profit for its insurance business, wefox insurance, making it the first digital insurance company to reach profitability. Furthermore, wefox’s revenue increased to $143M in 2020, doubling its 2019 revenue.”
Speaking about the company’s growth and development in the past six years, Julian Teicke, wefox CEO and Founder, stated:
“Our business has grown significantly over the past six years, and since the beginning we have consistently delivered strong year-on-year growth. This year we took several important steps, including unifying the business under one brand, expanding into Poland, and setting up a deep tech team in Paris. Within the next few years, we plan to expand our global footprint by increasing our presence in Europe and moving into both the US and Asian markets.”
Funds from the Series C round will be used for growth and expansion.
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