German insurtech Wefox bags $650m for US and Asian expansion

Berlin-based insurtech Wefox has closed the largest Series C to date for an insurtech globally. 

The fintech has raised $650m at a $3bn valuation, nearly double its last valuation of $1.65bn from back in December 2019.

Target Global led the round, with participation from existing investors including OMERS Ventures, Gsquared, Merian, Horizons Ventures, Salesforce Ventures and Seedcamp.

New investors on board include LGT, PArtners Group, Jupiter and FinTLV.

“Our business has grown significantly over the past six years, and since the beginning, we have consistently delivered strong year-on-year growth,” Julian Teicke, Wefox CEO and co-founder, said.

“This year we took several important steps, including unifying the business under one brand, expanding into Poland, and setting up a deep tech team in Paris. Within the next few years, we plan to expand our global footprint by increasing our presence in Europe and moving into both the US and Asian markets.”

Wefox plans to use the fresh capital to expand across the US and Asia over the next two years, while also deepening its presence in Germany, Austria, Switzerland and Poland. 

“This investment strengthens our growth strategy and moves us closer to realising our vision - to prevent 30 per cent of risks from happening - in order to offer the most advanced service to our customers,” Fabian Wesemann, Wefox CFO and co-founder, said.

Wefox provides simple insurance to customers across five countries, with eight offices home to more than 600 employees and uses expertise from over 1,000 trusted insurance investors.

The insurtech increased its revenue to $143m in 2020, doubling its 2019 revenues and has plans to double it once more, reaching $350m in revenues in 2021.