European insurtech startup Wefox grabs $650 million at $3 billion valuation
European insurtech startup Wefox grabs $650 million at a $3 billion valuation, German startup Wefox has raised a $650 million Series C funding round led by Target Global. Following this funding round, the corporate has reached a post-money valuation of $3 billion. Wefox may be a digital insurer focused on personal insurance products, like household insurance, motor insurance, and private insurance.
“It’s far more than we wanted to boost initially. it had been a really fast process and essentially we were oversubscribed by 4x approximately,” co-founder and CEO Julian Thicke (pictured right) told me.
In December 2019, the corporate reported a $1.65 billion valuation. and therefore the company says today’s funding round is one among the most important Series C rounds of all time — and certainly the most important Series C round for an insurtech company more specifically.
“Almost all of the large existing investors are participating,” Thicke said. OMERS Ventures, G Squared, Mountain Partners, Merian, Horizons Ventures, Eurazeo, Mubadala Capital, Salesforce Ventures, Speedinvest, CE Innovation Capital, GR Capital, and Seedcamp are all participating once more during this Wefox founding round. New investors include FinTLV, Ace & Co, LGT, and its affiliated impact investing platform Light rock, Partners Group, EDBI, Jupiter, and Decisive.
“Not only have we raised an excellent great deal but also during an in no time. It took us a complete of 4 weeks to urge all commitments in,” co-founder and CFO Fabian Wesemann (pictured left) told me.
Wefox believes it can now iterate and generate more and more revenue because it scales — it just needs capital to succeed in subsequent level. “We’re tackling that $5.2 trillion industry that has been stuck within the pre-internet era. We nailed the way to disrupt it in our core market,” Teicke said.