Berlin-based InsurTech company wefox has closed its Series D funding round on $400m, bringing its valuation to $4.5bn.
This is a notable increase from its previous valuation of $3bn, which it reached in June 2021 after the close of its Series C on $650m.
Mubadala Investment Company led the Series D round, with participation also coming from Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global.
With the funds, the InsurTech company plans to bolster its product development efforts and expand across Europe and into Asia and the US.
The company is a fully licensed digital insurance company that sells insurance through intermediaries and not directly to customers.
It currently offers household, motor and personal liability insurance, but is planning to launch 20 new services this year, including property and casualty, pet, health and life insurance
wefox CEO and founder Julian Teicke said, “We continue doubling our revenues with last year reaching US$320m. Within the first four months of this year wefox generated more than US$200m in revenues, which keeps us on track to achieve our revenue target of US$600m by the end of 2022.
“wefox now has more than two million customers and we aim to reach three million customers by the end of this year. It is further proof that wefox is trusted and testament to our focus on prediction and prevention, rather than the traditional approach of repair and replace. We are making insurance 10 times better through technology. As a result, our customer experience is simple and fit for purpose for the way we live today.”
The company recently reached two million customers.
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