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wefox

wefox

wefox is a digital insurer

Founded in 2015, Berlin-based wefox Group is a platform that connects insurance providers, brokers and customers. The app lets brokers on-board existing customers to deliver a better experience and manage their clients' coverage easier.

Once wefox started digitising insurance distribution, they added ONE, an integrated distribution channel and wefox Group's consumer service. Part of this product is modular and allows customers to trigger coverage only when engaging in the activity. According to CEO and co-founder Julian Teicke, wefox allows:

Our customer can choose whether to (1) avoid the risk, (2) have the perfectly customised coverage in case something happens or (3) carry the risk. This is why the purpose of wefox Group is 'To enable people to be safe' rather than 'feel safe'.
Funding
Seed round

In January 2016, wefox Group raised $5.5 million. Salesforce Ventures led the round, with participation from AngelList, Idinvest, Seedcamp and Speedinvest. The app wefox launched was built on the Salesforce platform. Wefox committed the funding to marketing and sales activity in Switzerland and Germany.

Series A

Wefox Group, in September 2016, raised $28 million. Target Global and Horizons Ventures led the round, which included participation from Salesforce Ventures, Idinvest, Speedinvest, Seedcamp, AngelList, Victory Park Capital and Samuel Skoblo.

Series B

In March 2019 wefox Group raised $125 million. The round was led by Mubadala Ventures, and included participation from Creditease.

Timeline

May 31, 2021
wefox raises a $650,000,000 series C round from Mountain Partners, OMERS Ventures, Partners Group, Salesforce Ventures, Seedcamp, Sound Ventures, Speedinvest, Target Global and Victory Park Capital.
December 2019
wefox raises a $110,000,000 series B round from CreditEase Fintech Investment Fund, G Squared, IDInvest Partners, Mubadala Ventures, OMERS Ventures, Salesforce Ventures, Seedcamp, Sound Ventures and Target Global.
March 2019
wefox raises a $125,000,000 series B round from G Squared, GR Capital, H14, Horizons Ventures, IDInvest Partners, Mubadala Ventures, Salesforce Ventures, Seedcamp, Sound Ventures and Target Global.
September 2016
wefox raises a $28,000,000 series A round from Horizons Ventures, IDInvest Partners, SBI Investment, Salesforce Ventures, Samuel Skoblo, Seedcamp, Sound Ventures, Speedinvest, Target Global and Victory Park Capital.
January 2016
wefox raises a $5,500,000 seed round from AngelList, IDInvest Partners, Salesforce Ventures, Samuel Skoblo, Seedcamp and Speedinvest.

Funding Rounds

Patents

Further Resources

Title
Author
Link
Type
Date

News

Title
Author
Date
Publisher
Description
Michael Tattersall
June 2, 2021
Business Insider
Wefox secures $650 million mega-round, which will help power the European insurtech's product and geographic expansion.
Richard Dal Porto
June 1, 2021
TechCrunch
Hello friends and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.
Jordan Parker Erb
June 1, 2021
Business Insider
Twitter has a new service, Acorns is about to go public, and Google faces a class-action lawsuit: 10 things in tech you need to know today.
Romain Dillet
June 1, 2021
TechCrunch
German startup Wefox has raised a $650 million Series C funding round led by Target Global. Following this funding round, the company has reached a post-money valuation of $3 billion. Wefox is a digital insurer focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance. "It's much more than we [...]
Callum Burroughs
June 1, 2021
Business Insider
Wefox has raised the largest round ever by an insurance startup as it looks to disrupt the $5 billion global insurance market.
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References

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