Mubadala Ventures invests in $125m funding round for Wefox

Mubadala Investment Company, a subsidiary of the Abu Dhabi sovereign wealth fund, launched a $400m European Tech Fund in June 2018. The fund can invest between $5-30m in startups. Wefox is the company's first investment from the fund.

Chinese investor and incubator CreditEase also participated in the round, as well as Goldman Sachs, Target Global, Idinvest Partners, Seedcamp, Salesforce Ventures, AngelList, Horizon Ventures und Speedinvest.

The fresh capital will be used to grow Wefox's product and engineering teams, and fund planned expansions in Spain, Italy, France and the Benelux region.

Previous funding
WeFox (then FinanceFox) held an angel investment round in 2015. Dari Fazlic, Amir Suissa, Julian Teicke and his company Empaua participated.

Salesforce Ventures led a $5.5m seed round in 2016. Speedinvest, Seedcamp and Idinvest also invested.

Horizons Ventures and Target Global led a $28m series-A round for Wefox. Speedinvest, Sound Ventures, Seedcamp, Salesforce Ventures and SBI Investment participated.

Company
Wefox's digital marketplace is used by customers, brokers and insurance companies to manage insurance and financial products, and back-office procedures. Headquartered in Berlin and founded in 2014, the company claims to have 250,000 clients. It employs more than 200 people in four offices in Berlin, Zurich, Barcelona and Vienna.

People
Wefox – Julian Teicke (co-founder and CEO).

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• Topics
• Expansion
• DACH
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• Fintech
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