WeFox, a Germany-based insurtech start-up, has raised $110m in Series B extension funding round.
Canada-based OMERS Ventures lead the latest funding that also witnessed participation from existing investors, such as Samsung Catalyst Fund.
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In the first part, the Berlin-based insurtech raised $125m from Abu Dhabi government-owned Mubadala Ventures and China’s Creditease in March this year.
With the latest funding, WeFox has raised a total of $235m so far this year. WeFox plans to use the proceeds to expand into the UK market.
WeFox CEO and co-founder Julian Teicke: “This year we quadrupled our growth and now we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020.”
OMERS Ventures principal Henry Gladwyn stated: “We are thrilled to continue our support of Julian and the incredibly ambitious WeFox Group team as they continue to disrupt and re-invent the insurance industry.
“We believe WeFox Group’s approach to revolutionizing insurance – empowering the consumer and prioritising solutions for secured data-driven experiences – will deliver significant value for the entire trade.”
Since its inception in 2015, WeFox has launched service in six countries and serves more than 500,000 customers.
