wefox Group, a Berlin, Germany-based insurtech company, raised $125m in Series B funding.
The round was led by Mubadala Investment Company through Mubadala’s newly created European Ventures Fund, with participation from new investor Creditease.
The company intends to use the funds:
– to expand into the European broker market,
– to launch into the Asian market following a partnership with SBI (formerly SoftBank Investment),
– to create an innovative product and engineering team applying advanced data analytics to create an all-in-one insurance platform in which all interactions are personalized.
The investment by Mubadala is intended to leverage the Group assets of the digital insurer ONE and wefox to create a platform to connect all insurers globally with all digital distribution channels.
Founded by Julian Teicke, Dario Fazlic, Fabian Wesemann and Teodoro Martino in 2014, wefox is a digital platform that connects insurance providers, distributors and customers.
In December 2018, the company announced that it was forming a partnership with Marsh, a global leader in insurance broking and innovative risk management solutions, to expand the offering beyond personal lines insurance and deliver expanded services to micro and medium-sized businesses across Europe.
The company has around $40m in revenues serving more than 1500 brokers and over 400,000 customers.
In previous rounds, wefox Group received funding from Horizons Ventures, idinvest Partners, Mountain Partners, Speedinvest, Seedcamp, Salesforce Ventures and Sound Ventures, the VC of Hollywood actor Ashton Kutcher, and Target Global.