Ashton Kutcher-backed insurtech Wefox attracts $125m investment in series B round
Berlin-based insurtech firm Wefox Group has raised $125 million in its series B funding round led by a newly-formed European ventures fund Mubadala, with participation from Chinese investor Creditease, among others.
The company's existing investors include Hollywood actor Ashton Kutcher’s investment vehicle Sound Ventures, Target Global, Salesforce Ventures, Seedcamp and Idinvest.
Wefox said the latest investment comes on the back of its announcement to launch into the Asian market following a partnership with SBI (formerly SoftBank Investment).
The investment will be used for expansion into the European broker market. The German insurtech will also grow its product and engineering team, applying advanced data analytics to create an all-in-one insurance platform in which all interactions will be personalised.
In December 2018, Wefox Group announced that it was forming a partnership with Marsh to expand the offering beyond personal lines insurance and deliver expanded services to micro and medium-sized businesses across Europe.
Wefox Group is the parent company of ONE Insurance and Wefox. Founded in 2014, the company is said to have grown its revenues to around $40 million.
Wefox Group founder and CEO, Julian Teicke, said: “Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world.”
Teicke added: “This investment enables us to continue developing our core technology, which includes AI capabilities that will connect customers with the right insurance and automatically process claims all in near real-time making the whole process easier, simpler and safer for our customers.”
Ibrahim Ajami, head of Mubadala Ventures, said: “We are excited to launch our European platform with our first investment. wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with wefox Group’s exceptional team of founders, management team and employees.”
