INSUBCONTINENT EXCLUSIVE:
Wefox Group, the Berlin-based insurtech startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox,
is disclosing $110 million in a second tranche of Series B funding
Sources tell TechCrunch that this gives the company a pre-money valuation of $1.65 billion
Wefox Group declined to comment on the financials.The Series B extension is led by OMERS Ventures, the venture capital arm of Canadian
Merian Chrysalis, Samsung Catalyst Fund and Mundi Ventures also participated, along with existing investors.It follows an earlier Series B
of $125 million in March, led by Abu Dhabi government-owned Mubadala Ventures, with participation from Chinese investor CreditEase
investment vehicle, Sound Ventures.In a call, Wefox co-founder and CEO Julian Teicke told me the Wefox Group has grown revenues to over $100
annual revenues by nearly tenfold this year, to $30 million
way.Meanwhile, Teicke says the new funding will be used to continue ramping up international expansion in 2020
Wefox is active in Germany, Austria, Switzerland and Spain, and I understand has quietly launched in Italy.Adds Henry Gladwyn, principal at
continue to disrupt and re-invent the insurance industry
