Wefox, a Germany-based digital insurance provider, announced today that it has raised $650 million in a Series C funding round. The fintech company has received a valuation of $3 billion.
According to the official announcement, the latest funding round was led by Target Global. Several other prominent investors including OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, CreditEase, Salesforce Ventures, Speedinvest, Alma Mundi Ventures and Victory Park Capital participated in the latest funding round.
The funding round represents the largest Series C investment secured by a digital insurance provider around the world. Wefox is planning to expand its presence in the US and Asia through the latest funds.
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Founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic, Wefox reported $143 million in revenue during 2020 and became profitable last year. The company has digitized the insurance process through the use of financial technology.
Commenting on the latest announcement, Julian Teicke, CEO and Founder at Wefox, said: “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.”
Wefox aims to make its position strong in the company’s existing European markets including Germany, Austria, Poland and Switzerland. The Berlin-based company is planning to take advantage of a surge in digital adoption across the global financial sector.
“This is why wefox has built a huge network of advisors across Europe. We believe that insurance is all about people, and we believe that technology is an enabler and should not replace the human connection. We have set out to improve the customer experience for both our advisors and our customers through technology to increase customer satisfaction, reduce customer acquisition costs, increase cross-selling and decrease churn,” Teicke added.