AAA Analysis: Wefox widens series B to $235m

Analysis: Wefox widens series B to $235m

This included an $110m additional commitment from investors including consumer electronics manufacturer Samsung’s Catalyst Fund. This additional tranche was led by Omers Ventures, pension fund Omers’ venture capital vehicle, and also featured asset management firm Merian Chrysalis and unnamed existing investors. The round reportedly valued the company at $1.65bn pre-money.

Founded in 2015, Wefox runs an online platform in which users can access and sign up to a wide range of insurance policies from various providers and manage their policies in one place. The platform’s users also have access to advice on their insurance from independent experts. Quotes for specific needs can be provided online or over the phone, and Wefox  also operates a direct-to-consumer insurance platform called One Insurance.

The company is part of the larger insurtech space, which has registered much growth over the past few years, as our GCV Analytics historical bar chart clearly illustrates. The number of corporate-backed deals increased from 19 in 2014, worth an estimated $292m, up to 83, worth an estimated total of $4.57bn, by the end of 2018. By mid-December the year, we had already reported 83 deals but worth $3.8bn, which suggests that there may be a cooling down in terms valuation of some of those businesses.

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