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.
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(Bloomberg) Wefox, an insurance-technology firm founded by former Groupon Inc. and Deutsche Bank AG staff, raised $650 million in a funding round that values the company at $3 billion.
(Bloomberg) Wefox, an insurance-technology firm founded by former Groupon Inc. and Deutsche Bank AG staff, raised $650 million in a funding round that values the company at $3 billion.
Venture capital firm Target Global led the investment in Berlin-based Wefox, which sells property-insurance products in Germany, Poland and Switzerland and also offers related software.
Wefox plans to use the money to expand to new countries, including Italy, and later this year add life- and health-insurance products to its portfolio, Chief Executive Officer Julian Teicke said in an interview.
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