AssurTech: Wefox raises an additional $ 110 million for its Series B
Last March, the German-Swiss startup Wefox, specialist in AssurTech, raised $ 125 million in series B. Led by Mubadala Ventures, investment fund of the government of the United Arab Emirates and ally of the investment fund Vision Fund of Softbank, the financing also saw the participation of Chinese Creditease. This was Mubadala Ventures’ first European investment. Today, Wefox has raised an additional $ 110 million, which strengthens this Series B and therefore brings its total to $ 235. The startup’s valuation would now reach $ 1.65 billion.
The extension of the funding round was led by Omers Ventures, Merian Chrysalis and Samsung Catalyst fund. Mubadala Ventures, Creditease and Mundi Ventures, another historic investor, also participated. In total, the group has now raised $ 268.5 million since its creation in 2015 (then under the name FinanceFox). In previous rounds, Wefox has also received support from Horizons Ventures, Idinvest Partners, Mountain Partners, Speedinvest, Seedcamp, Salesforce Ventures, Sound Ventures and Target Global.
A turnover of more than 100 million dollars for Wefox
Founded by Julian Teicke, Dario Fazlic, Fabian Wesemann and Teodoro Martino, Wefox Group is behind two entities, the insurance platform Wefox and the app and consumer insurance company One, launched in February 2018. Wefox, which claims today hui 500,000 customers (against 400,000 at the start of the year) and a turnover of more than 100 million dollars, proposes to connect between them insurers, brokers and consumers with the broader aim of digitizing the insurance industry. The company targets in particular people who work on an occasional basis, such as meal deliverers or private hire drivers.
One, which is present on the Wefox platform among other insurers, provides consumers with various personal insurance coverages. The subsidiary would have multiplied its annual turnover by ten in 2019, to $ 30 million. In all, the 400-strong group claims to have 1,500 insurance brokers. First active in Switzerland and Germany, then in Austria, the group gradually developed its activity across the European Union.
Wefox wants to expand outside of Europe
Among Wefox’s rivals are the French Alan, who secured $ 40 million in funding at the start of the year, Shift Technology, which recently raised $ 60 million, the American Devoted Health, which raised 300 million dollars in October 2018, the Indian Acko, for whom Amazon led a funding round of $ 12 million in May 2018, or the Frenchman Otherwise. In Europe, the AssurTech sector represents nearly 3 billion euros in terms of created value (company exits and valuations), according to Dealroom.
The extension of the lift will support the company’s international expansion planned for 2020 and started with the first part of Series B earlier this year. Wefox then planned to expand further in Europe, and especially in France, Spain, the Netherlands and Benelux. A development that should then pave the way for global expansion, with China in particular in the sights.
Founders: Julian Teicke, Dario Fazlic, Fabian Wesemann, Teodoro Martino
The head office: Berlin
Activity: insurance platform and application
Competitors: Alan, Simply Business, Prima, Bima, Friday …
Funding: $ 110 million in December 2019 with Omers Ventures, Merian Chrysalis, Samsung Catalyst fund, Mubadala Ventures, Creditease, Mundi Ventures