Wefox has faced significant losses in key markets such as Italy. Credit: Miha Creative/Shutterstock.

Two top investors in insurtech company Wefox have proposed a €25m ($26.7m) capital injection to counter a rival bid from Ardonagh, reported SkyNews.  

Chrysalis Investments and Target Global, alongside other shareholders, aim to preserve value and steer Wefox towards profitability. 

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Recently, Chrysalis Investments and Target Global submitted a term sheet to Wefox, suggesting a €25m investment as a bridge to the eventual sale of Assona, an electric bike insurance subsidiary of Wefox. 

This move is part of a larger effort to maintain the company’s value for all shareholders amidst a challenging period for the once-prominent European insurtech startup. 

Wefox has faced significant losses in key markets such as Italy, though its operations in the Netherlands remain profitable.  

The investors’ plan is to guide Wefox towards overall profitability, which they believe could be achieved as early as next year. 

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Chrysalis declined to comment on the news, the publication said.  

In contrast, Mubadala, the Abu Dhabi state fund, supports selling a substantial part of Wefox to Ardonagh in a €550m deal that could secure its returns but potentially eliminate other shareholders and the company’s founders.  

Sky News claimed last month that Wefox CEO Mark Hartigan had warned investors about the company’s likely collapse within months due to a variety of regulatory and financial issues. 

Germany-based Wefox was valued at $4.5bn in a funding round less than two years ago.  

The company, founded in 2015, has been backed by lenders including Barclays and JP Morgan and it raised $400m in a Series D round in July 2022 and $650m in May 2021. 

Additionally, Wefox secured $55m in equity financing and an equivalent in debt funding from Barclays and JP Morgan one year ago.