China’s CreditEase-backed insurtech firm Wefox gets $110m to drive growth

Photo: wefox

German insurance technology firm Wefox said on Wednesday it had attracted an additional $110 million of investment in its second funding round, bringing the total amount of money raised this year to invest in its expansion to $235 million.

The follow-on investment in the Series B round was led by OMERS Ventures, Merian Chrysalis and Samsung Catalyst fund. Earlier investors Abu Dhabi’s Mubadala Ventures, China’s CreditEase and Spain’s VC Mundi Ventures also chipped in.

Wefox, founded in 2015, has built up its workforce to 400 and operates in six European markets, while annual revenues have grown to over $100 million. Founder and CEO Julian Teicke said Wefox would invest the funds raised on its growth strategy.

“Already this year we were able to quadruple our growth. Our long-term goal is to become the biggest insurance company in the world,” Teicke said in a statement.

Little known outside the German-speaking world, Wefox operates digital platforms that connect insurers, brokers and consumers, allowing them to buy insurance, change policies and settle claims quickly online.

The company aims to help insurance groups use big data to provide more tailored coverage for, for example, taxi or food delivery workers on occasional shifts, or skiers spending a day on the slopes.

A source familiar with the matter said the latest funding valued the business at over $1 billion. Wefox declined to comment.

Fundraising by European fintech startups is gathering pace, with investment of $5.1 billion in the first half of the year overtaking Asia and closing in on the $7.5 billion raised in the United States, according to figures from Dealroom.co.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.