Wefox, the Berlin-based insurtech, raises $110M Series B extension at a $1.65B pre-money valuation
0Reported today on TechCrunch
For the full article visit: https://techcrunch.com/2019/12/10/wefox-unicorn/
Wefox, the Berlin-based insurtech, raises $110M Series B extension at a $1.65B pre-money valuation
Wefox Group, the Berlin-based insurtech startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox, is disclosing $110 million in a second tranche of Series B funding. Sources tell TechCrunch that this gives the company a pre-money valuation of $1.65 billion. WeFox Group declined to comment on the financials.
The Series B extension is led by Omers Ventures, the venture capital arm of Canadian pension fund Omers. Merian Chrysalis and Samsung Catalyst Fund, also participated, along with existing investors.
It follows an earlier Series B of $125 million in March, led by Abu Dhabi government-owned Mubadala Ventures, with participation from Chinese investor Creditease. Wefox's other existing investors include Target Global, Salesforce Ventures, Seedcamp, Idinvest and Hollywood actor Ashton Kutcher's investment vehicle Sound Ventures.
In a call, Wefox co-founder and CEO Julian Teicke told me the Wefox Group has grown revenues to over $100 million, and now services more than 500,000 customers, claiming that this makes it Europe's "leading insurtech".
He also revealed that the company has grown to 400 employees, which, he says means he can no longer remember every employee's name. "That sucks," he tells me, revealing that it was only this summer when the company was smaller that he won a company-wide bet for being able to do just that.
Breaking WeFox Group's revenue down further, the company's direct to consumer insurance brand, One Insurance, has increased annual revenues by nearly tenfold this year to $30 million. It also claims to be Germany's fastest growing provider for household and private liability insu