Douglas Busvine
3 minute read
Digital insurance startup Wefox said on Tuesday it had raised $650 million from investors, in what it called a record-breaking round for a so-called insurtech company that valued the business at $3 billion.
The funding means Berlin-based Wefox has grown in value threefold since tapping investors in 2019. The move follows big raises by local startups Trade Republic, an online stockbroker, and quick-delivery firm Gorillas. read more
Wefox founder and CEO Julian Teicke told Reuters the Series C round had drawn strong investor demand because Wefox was growing both rapidly and more profitably than rival online insurers that are losing money.