WEFOX GROUP RAISES $125M IN SERIES B ROUND LED BY MUBADALA
- wefox Group announces $125million Series B - the largest for a European insurtech
- Funding round was led by Mubadala Investment Company
- This is the first investment for Mubadala’s newly created European Ventures FundIncludes previous investors AngelList, Horizon Ventures, Idinvest Partners, Seedcamp, Speedinvest and Target Global
Berlin/Europe, 6 March 2019 - wefox Group, the Berlin-based insurtech firm has successfully raised a record $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.
“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,”
“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, signalling wefox Group’s intention to expand into China. In previous rounds, wefox Group has 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 is 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.
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wefox. Insurance. But simple. Europas digitaler Versicherer Nr. 1.
wefox Insurance ist ein digitaler Echtzeit-Versicherer. Makler*innen können innerhalb weniger Minuten papierlos Versicherungen für ihre Kund*innen abschließen. Schäden werden digital gemeldet und in über 60 Prozent der Fälle noch am selben Tag beglichen. Policen sind in Deutschland, Polen und der Schweiz erhältlich.
Der innovative digitale Versicherer wird von CEO Oliver Lang geführt. Zu den Partnern der wefox Insurance zählen als führender Rückversicherer die Munich Re sowie der Softwarekonzern Salesforce. Bislang investierten globale Investoren wie die japanische SBI Investments Ltd., Mubadala Ventures aus Abu Dhabi, CreditEase, Target Global, Ashton Kutchers Sound Ventures, Speedinvest sowie Horizons und iD Ventures aus dem Silicon Valley einen dreistelligen Millionenbetrag.
wefox. Insurance. But simple. Europe's No. 1 digital insurer.
wefox Insurance is a digital real-time insurer. Brokers can conclude paperless insurance policies for their clients within a few minutes. Claims are filed digitally and settled on the same day in over 60 percent of cases. Policies are available in Germany, Poland, and Switzerland.
The innovative digital insurer is led by CEO Oliver Lang. As a leading reinsurer, wefox Insurance's partners include Munich Re and the software group Salesforce. So far, global investors such as Japan's SBI Investments Ltd, Mubadala Ventures from Abu Dhabi, CreditEase, Target Global, Ashton Kutchers Sound Ventures, Speedinvest as well as Horizons and iD Ventures from Silicon Valley have invested a three-digit million amount.