Target Global leads $650m round for Wefox

The company was valued at more than $1bn at the time of its previous funding round in December 2019, as reported.

Existing investors including Omers Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp and Sound Ventures participated in the round.

LGT, Partners Group, Jupiter and FinTLV also joined the funding round as new investors.

A source close to the situation confirmed to Unquote that lead investor Target Global, which first backed Wefox in 2016, has invested around $100m in the round.

Wefox said in a statement that it intends to use the proceeds from the round to expand to the US and Asia within the next two years.

Wefox’s latest round is also the largest ever round recorded in the insurance technology sector in Europe, according to Unquote Data, although the sector has attracted significant interest from investors.

In September 2020, Blackstone backed a $500m round for UK-based Ki, a company that provides algorithm-based digital insurance. Other companies in the sector with significant private equity and venture capital backing include Hg’s Hyperion, as well as pet insurance specialist Bought By Many, which raised $350m at a $2bn valuation.

Previous funding
Wefox (at the time known as FinanceFox) raised a $5.5m seed round in January 2016, backed by Speedinvest, Seedcamp, Salesforce Ventures, Idinvest Partners and several business angels.

In September 2016, Target Global and Horizon Ventures participated in a $28m in a series-A for Wefox.

In March 2019, Mubadala Capital led a $125m series-B round for Wefox, joined by investors including Speedinvest, Goldman Sachs and Idinvest.

In December 2019, Wefox merged with Austrian market peer Die Maklergruppe. Later that month, Omers Ventures, Merian Chrysalis and Samsung Catalyst backed a $110m extension to Wefox’s series-B round. Mundi Ventures joined the round as a new investor, while existing investors including Mubadala Capital also participated.

Company
Founded in 2014 and headquartered in Berlin, Wefox is a digital insurance provider that sells insurance products to customers via intermediaries, operating in the DACH region and Poland. The company employed 400 staff at the time of its last funding round in 2019. The company said in a statement that it posted 2020 revenues of $143m, double its 2019 revenues, adding that its insurance business also reported a profit in 2020.

People
WeFox – Julian Teicke (CEO); Fabian Wesemann (co-founder, CFO); Dario Fazlic (CRO, co-founder).
Target Global – Yaron Valler (general partner).

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