Germany-based insurtech agency wefox has secured $400m in a Sequence D funding spherical, elevating its post-money valuation to $4.5bn.
Wefox plans to make use of the brand new infusion, which incorporates each fairness and debt, to develop merchandise and increase its presence throughout Europe, Asia and the US.
Mubadala Funding Firm led the newest spherical. Different firms reminiscent of Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Goal World additionally joined the fundraising.
Wefox CEO and founder Julian Teicke mentioned: “This new valuation of $4.5bn is a transparent validation of our enterprise mannequin, which focuses on oblique distribution through brokers relatively than direct.
“This makes our enterprise probably the most credible insurtechs available in the market proper now.”
Through the first 4 months of 2022, wefox generated over $200m in revenues, which places it on monitor to achieve the $600m goal by the tip of the 12 months.
Teicke added: “wefox now has greater than two million clients and we intention to achieve three million clients by the tip of this 12 months.
“It’s additional proof that wefox is trusted and testomony to our deal with prediction and prevention, relatively than the normal strategy of restore and substitute.
“We’re making insurance coverage ten instances higher by way of expertise. In consequence, our buyer expertise is easy and match for function for the way in which we dwell in the present day.”
Wefox at the moment has a workforce of over 1,300 and plans to extend the headcount to 2,000 by the tip of this 12 months.
Mubadala Ventures head Ibrahim Ajami mentioned: “Not like most direct to shopper insurtechs, wefox acts as an ecosystem enabler – empowering the varied distribution channels as a substitute of competing with them.
“This mannequin has allowed wefox to scale shortly and sustainably, offering brokers and clients alike a platform that seamlessly digitises the insurance coverage market.”
The agency’s newest valuation marks a 50% rise on its earlier valuation of $3bn in its Sequence C spherical.
In June final 12 months, Wefox obtained $650m within the Sequence C financing spherical led by Goal World.