Germany-based digital insurance provider Wefox Group increased its series B round to $235m today, adding $110m from investors including consumer electronics manufacturer Samsung’s Catalyst Fund, TechCrunch reported.
The second tranche was led by Omers Ventures, pension fund Omers’ venture capital vehicle, and included asset management firm Merian Chrysalis and unnamed existing investors. It valued Wefox at $1.65bn pre-money, sources told TechCrunch.
Wefox runs an online platform where users can access and sign up to a wide range of insurance policies from different providers and manage their policies in a single place. They can also receive advice on their insurance from independent experts.
Quotes for specific needs can be provided online or over the phone, and the company also operates a direct-to-consumer insurance platform called One Insurance.
The Abu Dhabi-owned Mubadala Investment Company led the $125m first close in March this year at a reported valuation of nearly $1.1bn. It also featured online lending platform CreditEase, AngelList, Horizons Ventures, Speedinvest, Target Global, Idinvest Partners and Seedcamp.
Julian Teicke, co-founder and chief executive of Wefox, told TechCrunch the company’s revenue is now greater than $100m and that it has more than 500,000 customers.
Wefox recently added Italy to a presence that had taken in Germany, Austria, Switzerland and Spain, and the new funding will support further geographical expansion in the new year.
The company (then known as FinanceFox) secured $5.5m in a 2016 seed round led by Salesforce Ventures, the investment arm of enterprise software provider Salesforce, that included AngelList, Idinvest Partners, Seedcamp and Speedinvest.
The seed investors returned in a $28m series A round co-led by Target Global and Horizons Ventures later the same year that was also backed by Victory Park Capital. Wefox added an undisclosed seven-figure sum from Sound Ventures in January 2018.
