Germany-based online insurance marketplace developer Wefox raised $125m on Tuesday in a series B round that included online lending platform CreditEase.
Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, led the round, which included angel investor group AngelList, venture capital firms Horizons Ventures, Speedinvest and Target Global, private equity firm Idinvest Partners and seed-stage fund Seedcamp.
Founded in 2014 as FinanceFox, Wefox provides an online platform that allows users to aggregate and manage all their insurance polices in one place, using artificial intelligence technology to help users find the best offers and automatically process policies.
The round valued WeFox at almost $1bn, a person familiar with the matter told Reuters. Wefox reportedly began talks with prospective investors including telecommunications group SoftBank in August 2018 for a nine-figure euro funding round, though Softbank was not mentioned as an investor in the latest deal.
The company did however reveal it has partnered financial services firm SBI Holdings, formerly Softbank Investments, to expand into Asia.
Wefox received a seven-figure euro amount from venture capital firm Sound Ventures in January 2018, adding to a $28m series A round co-led by Target Global and Horizons Ventures in September 2016 that included Salesforce Ventures, the investment arm of enterprise software producer Salesforce.
Victory Park Capital, Idinvest, Speedinvest, Seedcamp and AngelList also took part in the 2016 round, having joined Salesforce Ventures for the company’s $5.5m seed round earlier the same year.