Mubadala leads equity raise in Wefox's USD 400m Series D

The USD 400m fundraise, which also included debt, saw the participation of existing investors EDBI, Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global, according to a press release.

Abu Dhabi-based Mubadala led Wefox's USD 125m Series B fundraise in 2019.

The new round sees Wefox increase its valuation from USD 3bn just twelve months ago, resisting a poor fundraising environment for insurtech start-ups, although with lower commitments than its USD 650m Series C.

Collectively, the insurtech sector in Europe raised around EUR 1.2bn in the first half compared to EUR 1.5bn in 1H21, according to Unquote Data.

Globally the situation faired even worse with total deal flow in the first quarter 43% below the record-breaking USD 5.3bn raised in the same period last year, according to data from Gallagher Re.

Fintech more widely has seen some huge hits to valuations. Buy-now-pay-later platform Klarna just saw its value slashed by 85% to under USD 7bn, thanks in part to a tough fundraising environment as weak capital markets increase pressure on private fund resources. 

Company
Wefox is on track to achieve revenues of USD 600m by the end of 2022, CEO and founder Julian Teicke said in a statement. Unlike most other start-ups, it is also actively hiring another 700 employees this year.

The company will use the proceeds for product development and to expand across Europe, into Asia and the US, adding to its two million customers. 

The platform's central selling point is that it doesn't sell insurance directly to consumers, instead connecting them to intermediaries for things like home contents, car switching and private liability. 

People
WeFox – Julian Teicke (CEO); Fabian Wesemann (co-founder, CFO); Dario Fazlic (CRO, co-founder).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Financials
• Expansion
• DACH
• Germany
• Fintech
• Insurance
• Insurtech