German insurtech start-up wefox Group has secured $125.57m (€111m) in a Series B financing round led by Abu Dhabi’s state-owned Mubadala Investment.
The round was also joined by existing investors AngelList, Horizons Ventures, Idinvest Partners, Seedcamp, Speedinvest and Target Global.
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Founded in 2014, wefox operates digital platforms that connect insurance companies, brokers and consumers and help in purchasing insurance, change plans, and settle claims online.
The company serves more than 400,000 customers and has partnered with 1,500 brokers.
wefox said that the money will be used to expand operations across the European broker market.
wefox Group founder and CEO Julian Teicke said: “Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world.
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By GlobalData“Therefore, Mubadala is the perfect partner for wefox Group because they really understand that the insurance market needs to be reinvented from the ground up, which we’ve already proven with ONE, our flagship product which is now Europe’s leading provider for delivering all-in-one insurance in the palm of the customer’s hand anywhere at any time.
“This investment enables us to continue developing our core technology, which includes AI capabilities that will connect customers with the right insurance and automatically process claims all in near real-time making the whole process easier, simpler and safer for our customers.”
Mubadala Ventures head Ibrahim Ajami said: “wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with wefox Group’s exceptional team of founders, management team and employees.”
