By Oliver Smith on Tuesday 12 July 2022
Despite the uncertain climate, Wefox’s valuation has jumped by 50 per cent to £4.5bn.
Wefox CEO and co-founder Julian Teicke claims his startup is “one of the most credible insurtechs in the market right now” after raising a $400m Series D.
The round, which was led by the Emirati state-owned Mubadala Investment Company, sees Wefox’s valuation rise from $3bn in June 2021 to now $4.5bn post-money.
Teicke called it “a clear validation of our business model, which focuses on indirect distribution via agents rather than direct”.
“We continue doubling our revenues with last year reaching $320m. Within the first four months of this year wefox generated more than $200m in revenues, which keeps us on track to achieve our revenue target of $600m by the end of 2022.”
Along with Mubadala, the round was also joined by Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global, however Wefox didn’t disclose how much of the $400m has been raised as debt.
Despite the recent economic downturn, Wefox said it continues to be one of the few tech companies still hiring, with over 1,300 employees and plans to reach 2,000 by the end of 2022.
Fellow co-founder and Wefox CFO Fabian Wesemann described the company as being “in the strongest position ever” following the funding round.
“Our model ensures we deliver a stronger financial profile with a clear path to profitability. This is vital at all times but especially in the current economic climate which demands greater financial discipline,” added Wesemann.
Indeed, Wefox’s model is to sell its own insurance policies via intermediaries, rather than direct-to-consumer like many of its rivals like Germany’s Getsafe.
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