Berlin-based wefox Group, the insurtech company which connects insurance companies to brokers who help out the customers through the platform has secured a fresh $125 million Series B round investment. The latest financing was led by Mubadala Ventures, an Abu Dhabi-based government-owned investment firm infused the capital through their newly created European Ventures Fund along with CreditEase who also participated in the funding round.
Prior to this round, wefox Group had raised $28 million capital from which was led by Horizons Ventures and Tiger Global as part of Series A financing. The latest capital infusion takes the total amount raised by the company to $158.5 million. The other backers of the firm include the names like SBI investment, Sound Ventures, Idinvest Partners, Angellist, Speedinvest, Seedcamp, and few others.
The platform was launched by Dario Fazlic, Fabian Wesemann, Jonathan Seoane, Julian Teicke, and Teodoro Martino in 2015. The firm claims to have more than 1500 brokers and over 400,000 customers. The fresh funding will go towards expansion of the firm in the European broker market.
Teicke, the CEO of the company talking about the freshly raised capital said, “Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world. Therefore, Mubadala is the perfect partner for wefox Group because they really understand that the insurance market needs to be reinvented from the ground up, which we’ve already proven with ONE, our flagship product which is now Europe’s leading provider for delivering all-in-one insurance in the palm of the customer’s hand anywhere at any time."
Mubadala Ventures' Ibrahim Ajami commenting on their first European fund and capital infusion in the company said, "We are excited to launch our European platform with our first investment. wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with wefox Group’s exceptional team of founders, management team and employees.”
Image Courtesy : wefox