Omers Ventures et al. back $110m round for WeFox

Harriet Matthews
11 December 2019

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Omers Ventures, Merian Chrysalis and Samsung Catalyst have backed a $110m extension to the series-B round for Germany-based digital insurance provider WeFox.

Mundi Ventures joined the round as a new investor. The series-B also saw participation from existing investors including Mubadala Ventures.

The round brings the series-B total to $235m and values the digital insurance provider at more than $1bn.

WeFox plans to use the fresh capital to support its growth, including expansion to new markets via the opening of an office in London.

The funding round follows WeFox's merger with Austrian insurance broker Die Maklergruppe in December 2019.

According to Unquote Data, Germany has seen 12 rounds of more than €100m in 2019 – including WeFox's first series-B in March – compared with five such rounds in 2018. Prior to WeFox's latest round, business optimisation software company Celonis raised a €260m series-C that valued the company at €2.25bn, as reported by Unquote. The largest round of 2019 so far is the €500m series-F for transportation app FlixMobility.

Previous funding
WeFox held a seed round in January 2016, raising $5.5m with participation from Speedinvest, Seedcamp, Salesforce Ventures, Idinvest Partners and business angels.

The company then raised $28m in a series-A round in September 2016, with participation from VCs including Speedinvest and Idinvest.

In March 2019, UAE sovereign wealth fund Mubadala led an initial $125m series-B round for WeFox. Other participants in the round included Speedinvest, Goldman Sachs and Idinvest.

Company
WeFox is a digital insurance platform that consists of WeFox and home-insurance unit One Insurance. WeFox provides a platform for insurers, brokers and consumers that allows customers to take out or change policies and file claims online. The platform also allows insurers to analyse data and access distributors directly.

The company was founded via Swiss brand FinanceFox in 2014 and is based in Berlin. It operates in Germany, Austria, Switzerland, Spain and Italy, has a headcount of 400 and services 500,000 customers.

WeFox reports revenues of $100m.

People
WeFox – Julian Teicke (CEO, co-founder).