In 2020 wefox’s revenue increased to $143m. Credit: Mathieu Stern on Unsplash.

Germany-based insurtech startup wefox has raised $650m in Series C funding led by Target Global.

The latest funding round, which joined by both existing as well new investors, valued the company at $3bn.

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The company’s existing investors who joined the round include OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, and Sound Ventures.

The list of new investors includes LGT, Partners Group, Jupiter, and FinTLV.

Founded in 2015, insurtech startup offers personal insurance products like motor, household, and personal liability insurance through intermediaries.

wefox CEO and founder Julian Teicke said: “This year we took several important steps, including unifying the business under one brand, expanding into Poland, and setting up a deep tech team in Paris.

“Within the next few years, we plan to expand our global footprint by increasing our presence in Europe and moving into both the US and Asian markets.”

The German insurer intends to use the money to enter the US and Asia markets within the next two years.

It also intends to bolster its presence in its existing markets such as Germany, Austria, Switzerland, and Poland.

The firm, which raised $235m in 2019, claims to have increased its revenue to $143m in 2020.

Target Global general partner Yaron Valler said: “wefox continues to deliver exceptional results backed with demonstrable year-on-year revenue growth, which saw their insurance carrier, wefox Insurance, report a profit earlier this year, marking them out to be the first insurtech to reach profitability.”