German insurtech start-up wefox Group has raised $125m in a Series B financing round led by Abu Dhabi’s state-owned Mubadala Investment.
wefox marks the first investment for European Ventures Fund, a newly created fund of Mubadala. The investment follows wefox’s announcement of foraying into the Asian market through a partnership with SBI (previously called SoftBank Investment).
Other new investors in the German insurtech include China-based Creditease, who is expected to help the company expand into the Asian country.
Mubadala Ventures head Ibrahim Ajami said: “wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with wefox Group’s exceptional team of founders, management team and employees.”
Based in Berlin, wefox calls itself to be a digital platform that links insurance providers, distributors and customers.
For customers, the insurtech company helps in finding them tailored insurance coverage from a human broker on a digital platform. For brokers, it helps in optimizing client management and in boosting overall engagement, while enabling them to manage and consult with their customers through the digital platform.
Wefox, which was founded in 2014, helps insurance companies by providing them direct access to distributors and giving them the ability to utilize big data and easy processing. It also helps the insurance firms in running data-driven campaigns to reach out to customers with their products.
The German insurtech claims to have increased its revenues to nearly $40m, while catering to over 1500 brokers and more than 400,000 customers.
It expects the new capital from the Series B round to help in its expansion into the European broker market. Further, it also allows the insurtech to fast track its growth and to create an all-in-one insurance platform using advanced data analytics in which all interactions are customized.
wefox Group founder and CEO Julian Teicke said: “Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world.”
“Therefore, Mubadala is the perfect partner for wefox Group because they really understand that the insurance market needs to be reinvented from the ground up, which we’ve already proven with ONE, our flagship product which is now Europe’s leading provider for delivering all-in-one insurance in the palm of the customer’s hand anywhere at any time.”