wefox, a Berlin, Germany-based digital insurance company, raised US$650m in Series C funding, resulting in a post-money valuation of US$3 billion.
The round was led by Target Global with participation from existing investors OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, and Sound Ventures and new investors LGT, Partners Group, Jupiter, and FinTLV.
The company intends to use the funds to expand into the US and Asia within the next two years while strengthening its presence in its existing markets in Germany, Austria, Switzerland, and Poland.
Launched in 2015 by CEO Julian Teicke and founders Fabian Wesemann, and Dario Fazlic, wefox is a full-stack digital insurance company that sells insurance through intermediaries and not directly to customers. In 2020, wefox reported a profit for its insurance business, Furthermore, the company’s revenue increased to $143M in 2020, doubling its 2019 revenue.