wefox Group, the Berlin-based insurtech firm has successfully raised $125 million for its series B round led by Mubadala Investment Company through Mubadala’s newly created European Ventures Fund.
The $125m investment is the largest series B round for an insurtech company confirming wefox Group’s status as one of the fastest growing fintech companies coming out of Europe that is reinventing the entire insurance business.
wefox Group is the first investment for Mubadala’s European Ventures Fund. The investment also comes on the back of wefox Group’s announcement that it is launching into the Asian market following a partnership with SBI (formerly SoftBank Investment).
The company, which was founded in 2014, has grown its revenues to around $40million, while serving more than 1500 brokers and over 400,000 customers, making it Europe’s number one insurtech platform.
The investment will help spearhead the company’s expansion into the European broker market. It also paves the way for wefox Group to accelerate growth and create the world’s most innovative product and engineering team applying advanced data analytics to create an all-in-one insurance platform in which all interactions are personalised.
wefox Group founder and CEO, Julian Teicke, said: “Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world.”
“Therefore, Mubadala is the perfect partner for wefox Group because they really understand that the insurance market needs to be reinvented from the ground up, which we’ve already proven with ONE, our flagship product which is now Europe’s leading provider for delivering all-in-one insurance in the palm of the customer’s hand anywhere at any time.
“This investment enables us to continue developing our core technology, which includes AI capabilities that will connect customers with the right insurance and automatically process claims all in near real-time making the whole process easier, simpler and safer for our customers,” added Teicke.
Ibrahim Ajami, head of Mubadala Ventures, said: “We are excited to launch our European platform with our first investment. wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with wefox Group’s exceptional team of founders, management team and employees.”
Among the new investors in wefox Group is Chinese investor, Creditease, signalling wefox Group’s intention to expand into China. In previous rounds, wefox Group attracted some of the world’s leading investors including, Horizons Ventures, idinvest Partners, Mountain Partners, Speedinvest, Seedcamp, Salesforce Ventures and Sound Ventures, the VC of Hollywood actor Ashton Kutcher, and Target Global.
Goldman Sachs International is acting as private placement adviser to wefox Group in connection with the transaction.
In December 2018, wefox Group announced that it was forming a partnership with Marsh, a global leader in insurance broking and innovative risk management solutions, to expand the offering beyond personal lines insurance and deliver expanded services to micro and medium-sized businesses across Europe.