Wefox gathers $125m in Series B round as it eyes rest of Europe

Berlin-based InsurTech Wefox has reportedly raised $125m for its Series B funding round led by Mubadala Ventures.

The Abu Dhabi government’s venture arm used its newly launched European fund to make the investment and was also joined by China’s Creditease in the round, according to a TechCrunch report.

The funding is part of an initial tranche in the Series B round and will be used to finance its European expansion. The company also said it will bolster its product and engineering teams.

Founded in Switzerland, Wefox operates its online insurance support platform across Berlin, Zurich, Vienna and Barcelona. The company helps consumers to optimise their insurance and ensure they are getting the best life, health, legal expense, travel, and motor liability insurance for them.

The Wefox app enables users to view their rates and coverage, optimise policies, file a claim digitally, and access insurance experts for advice. Its InsuranceCheck service analyses a consumer’s cover, rates and potential risks to identify if there are better options to either save money or provide the right protection.

Wefox had previously raised $28m in its Series A round in 2016 and has drawn the backing of investors such as Target Global, Salesforce Ventures, Seedcamp, Idinvest and Sound Ventures.

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