Wefox reaches USD 4.5 billion valuation

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12.07.2022
wefox founders  Fabian Wesemann, Julian Teicke, and Dario Fazlic

Following the closing of its $400 million Series D financing round, Insurtech startup wefox has raised its post-money valuation from $3 billion to 4.5 billion in 12 months. The company will use the funding for product development and expansion across Europe and thereafter Asia and the US.

Mubadala Investment Company led the round, which comprises equity and debt financing, with participation from EDBI, Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global. The latest round saw wefox increase its valuation to $4.5 billion in just one year.

As a fully licensed digital insurance company, wefox sells insurance through intermediaries and not directly to customers, which has resulted in significant growth. The company today counts more than two million customers with plans to reach three million customers by the end of this year. “This is further proof that wefox is trusted and testament to our focus on prediction and prevention, rather than the traditional approach of repair and replace. We are making insurance 10 times better through technology. As a result, our customer experience is simple and fit for purpose for the way we live today,” commented Julian Teicke, CEO and founder of wefox.

Revenues have also grown significantly. As Teike revealed, the company doubles its revenues last year, reaching US$320m. Within the first four months of this year wefox generated more than US$200m in revenues, which keeps the company on track to achieve its revenue target of US$600m by the end of 2022.

The fresh funds will flow into product development and expanding activities across Europe and thereafter Asia and the US. Fabian Wesemann, CFO and founder of wefox, said: “wefox is in the strongest position ever. In successfully closing this funding round we reinforce our strategy and enable faster acceleration on our path to greater revenues and profit.”

Headcount to reach 2000 by the end of 2022
Despite the current economic climate, wefox remains one of the very few tech companies still recruiting, with more than 1300 employees in the company today up from 550 employees in 2021. wefox expects to reach 2000 employees by the end of 2022.

Earlier this year, wefox appointed Prince Max von zu Liechtenstein to the board alongside former Klarna executive, Hanna Jacobsson. In December of last year, wefox appointed former president of Samsung Electronics, Young Sohn as chairman of the board.

(Press release/RAN)

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