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WeFox to channel $235 million total funding into UK expansion

WeFox to channel $235 million total funding into UK expansion

German insurtech WeFox has closed $110 million of funding bringing its total for 2019 to $235 million and is planning the launch of a London tech hub next year.

This investment follows the £125m Series B funding round from March, which made WeFox Europe's largest insurtech.

The latest funding round was led by Canadian disruptive technologies investor, OMERS Ventures, with participation from existing investors, including Samsung Catalyst Fund.

The UK is the next market WeFox plans to offer its app to, with plans to launch a London office next year, irrespective of the outcome of Brexit.

Julian Teicke, CEO and co-founder of WeFox says: "This year we quadrupled our growth and now  we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020."

Henry Gladwyn, principal at OMERS Ventures, singles out WeFox's "approach to revolutionising insurance - empowering the consumer and prioritising solutions for secured data-driven experiences."

WeFox has expanded into six countries since its inception in 2015 and claims to serve over 500,000 customers with sales totalling over $100m.

In addition to its app, which provides details of policies and claims and helps customers find the best rates, WeFox also offers its own home insurance policies through sister business, One Insurance.

WeFox will however stop short of lanching its One Insurance in anticipation of any regulatory hurdles from Britain leaving the EU.

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