What’s behind the insurtech boom?
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Insurtech firm
Acko is in talks to raise $200 million, we report exclusively, in a round that will propel the company into the unicorn club. We explore why the sector is booming in India and around the world.
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Why insurtech is booming worldwide and especially in India
‘Insurtech’ is short for technology-led insurance startups. It’s a subset of the larger
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.