Insurtech Startup Wefox Raises $650 Million in Series C Funding

European insurtech startup Wefox raised $650 million in a Series C funding round, led by Target Global with participation from OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, and Victory Park Capital. The valuation is expected to reach $3 billion.

The startup will utilize the fresh funds to expand its presence in the US and Asia. At the same time, the company also seeks to make its position strong in the existing European markets including Germany, Austria, Poland, and Switzerland.

Founded in 2015, Wefox registered a revenue of $143 million during 2020 and became profitable last year. The company has digitized the insurance process through the use of financial technology.

Commenting on this news, Julian Teicke, CEO and founder at Wefox, said: “Our business has grown significantly over the past six years, and since the beginning, we have consistently delivered strong year-on-year growth. This year we took several important steps, including unifying the business under one brand, expanding into Poland, and setting up a deep tech team in Paris. Within the next few years, we plan to expand our global footprint by increasing our presence in Europe and moving into both the US and Asian markets.”