Wefox, a Berlin-based insurer technology company, closes a $650 million funding round
Wefox, a Berlin-based insurance technology company, has announced the conclusion of a record-breaking $650 million Series III funding round led by venture capital firm Target Global, raising the company's valuation to $3 billion.
This is the largest round of financing in the world for an insurance technology company, and one of the largest Series III financing rounds ever. Wifox intends to invest the new funding to strengthen its presence in existing markets and continue its global expansion over the next two years.
Founded in 2015, Wevox recorded revenues of more than $140 million during fiscal year 2020, and it also announced the success of its subsidiary Wevox Insurance in achieving profitability during the year.
Julian Teke, CEO and founder of Wefox, said: “Our business has grown remarkably over the past six years and has delivered strong year-over-year growth. This year, we have taken several important steps, most notably the unification of all our businesses under the umbrella of the Wifox brand, in addition to expanding in Poland, and establishing a specialized technical team in Paris. In the next few years, we will focus on strengthening our global presence, especially in Europe, while also heading to the American and Asian markets. We aim to consolidate Wifox’s position as one of the leading personal insurance companies within a decade.”
Fabian Wiesmann, chief financial officer and founder of Wifox, said: “The new investment contributes to our growth strategy and our vision to reduce risk by 30%, allowing us to provide the most advanced services and solutions to our customers. We seek to use advanced technology to automate our operations and ensure that 80% of completed transactions are completed through the direct processing system.”
Yaron Faller, General Partner, Target Global, said: “Wifox continues to deliver exceptional results backed by impressive year-on-year revenue growth; It announced profits during the year, thus becoming the first insurance technology company to reach the profitability path.”