Berlin-based InsurTech firm, wefox, has successfully completed a funding round that has solidified its position as a leading force in the insurance technology industry.
The company has raised a total of $110m in this round. Notably, J.P. Morgan and Barclays have provided a $55m revolving credit facility, while the remaining $55m in equity was raised from both new and existing investors as a second closing of the Series D funding at a valuation of $4.5bn.
Founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic, wefox has established itself as a world leader in InsurTech. It has integrated technology with insurance distribution capabilities to more than 300 insurers and 4,000 active distributors, serving 2.5m customers across Europe. Wefox is also the parent company of wefox Insurance, the in-house regulated insurance carrier.
The new funding will be used to further strengthen wefox’s insurance and distribution business, which includes the recent launch of a global affinity business, and to develop its technology platform. The funding comes following a record first quarter financial performance and highlights the company’s clear path towards profitability.
Julian Teicke, wefox CEO and co-founder, said, “We are delighted to have two of the world’s most prestigious financial institutions – J.P. Morgan and Barclays – supporting our business, which strengthens our plans to enhance our insurance and distribution capabilities whilst building our platform.”
Adding to this, Fabian Wesemann, CFO and co-founder of wefox, noted, “In addition to our new investors in this second close, we are also pleased to have secured the credit facility from J.P. Morgan and Barclays, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics.”
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