Germany-based digital insurance provider Wefox completed a $650m series C round today that included online lending platform developer Creditease and Salesforce Ventures, the investment arm of enterprise software producer Salesforce.
The round was led by venture capital firm Target Global and included Omers Ventures, Gsquared, Merian and its Jupiter subsidiary, Horizons Ventures, Eurazeo, Mubadala, Speedinvest, LGT, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, Sound Ventures, Partners Group and FinTLV.
Wefox has built a digital insurance platform which offers coverage through intermediaries and which it claims is already profitable. The round valued it at $3bn post-money and hiked its overall funding to roughly $940m. It is the largest series C round yet raised by an insurance technology provider.
Julian Teicke, Wefox’s founder and chief executive, said: “Our business has grown significantly over the past six years, and since the beginning we have consistently delivered strong year-on-year growth.
“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 company closed a $235m series B round in late 2019 that included CreditEase and electronics producer Samsung’s Catalyst Fund, Mubadala, Omers Ventures, Merian Chrysalis, AngelList, Horizons Ventures, Speedinvest, Target Global, Idinvest Partners and Seedcamp at a $1.65bn pre-money valuation.
Sound Ventures had provided a seven-figure amount for Wefox in 2018, following $5.5m in seed funding from Salesforce Ventures, AngelList, Idinvest Partners, Seedcamp and Speedinvest in 2016 and a $28m series A round featuring Target Global, Horizons Ventures and Victory Park Capital later that year.
