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wefox Group is a company operating in the field of digital insurance.It has two main businesses: wefox and ONE. The wefox platform connects insurance providers, brokers and customers. The company was established by Dario Fazlic, Fabian Wesemann, Jonathan Seoane, Julian Teicke, and Teodoro Martino in 2015. wefox Group aims to use data-driven insights to create a transparent and personalized process of recommending insurance coverages for potential customers. The wefox Group also commits to protecting customer’s data from potential misuse. The company is based in Berlin, Germany and operates in the European market.
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'.
The company maintains two primary businesses. The first is wefox – previously known as FinanceFox– which is a digital marketplace for insurance that allows customers to view, adjust, and complete insurance contracts through a mobile application. By doing this, wefox aims to facilitate customers by giving them an efficient method to access insurance information, and at the same time helps insurance brokers to manage their clients and seek new ones. wefox has been in operations since 2015.
The second business service that wefox Group offers is ONE, a fully-digital insurance provider. wefox Group acquired ONE Insurance Ltd, a Liechtenstein-based digital insurance provider, to operate this service. Customers are able to submit insurance claims only by accessing the mobile application. ONE seeks to use data to create better risk analysis in determining insurance coverage for customers. ONE was launched in 2018.
Since 2015, wefox Group has raised $158.5 million in capital from four funding series. The company’s most recent funding round was a Series B in March 2019, amassing $125 million. wefox Group has received financing from 18 investors, with four among them as lead investors. Previous investors include CreditEase, Mubadala Ventures, H14, Goldman Sachs, and Salesforce Ventures.
On July 20, 2015 wefox completed an angel funding round with an undisclosed amount of funding from EMPAUA GmbH, Dario Fazlic, Julian Teicke, and Amir Suissa.
On January 12, 2016 wefox completed their seed funding round with $5.5 million in funding from Salesforce Ventures (lead investor), Seedcamp, Samuel Skobio, Idinvest Partners, and AngelList.
On September 20, 2016 wefox completed their series A funding round with $28 million in funding from Target Global (lead investor), Horizons Ventures (lead investor), Speedinvest, Sound Ventures, Seedcamp, Salesforce Ventures, SBI Investment, Idinvest Partners, and AngelList.
On March 6, 2019 wefox completed their series B funding round with $125 million in funding from Mubadala Ventures, Salesforce Ventures, H14, Goldman Sachs, and CreditEase Fintech Investment Fund.
On June 26, 2017 wefox acquired ONE Insurance for an undisclosed amount of money.
