Berlin-based insurtech startup wefox works with insurance brokers, agencies, and individuals through a digital platform that allows for simple and personalised consultations for all types of insurance. Founded in 2014, wefox has already grown its revenues to around €35 million, and serves more than 1,500 brokers and 400,000 customers, making it Europe’s number one insurtech platform.
Wefox has now raised €111 million in Series B funding from Mubadala’s European Ventures Fund – the funds first investment. This comes after wefox’s announcement that it is launching into the Asian market following a partnership with SBI (formerly SoftBank Investment).
“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,” said weFox Group founder and CEO, Julian Teicke.
“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.
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.
“We are excited to launch our European platform with our first investment,” said Ibrahim Ajami, head of Mubadala Ventures. “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.”
Chinese Creditease is also a new investor in the company, signalling wefox Group’s intention to expand into China. In previous rounds, wefox 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.