wefox, a Germany-based Insurtech, has raised $110 million in Series D funding along with a $55 million revolving credit facility from Barclays and JP Morgan. The equity capital was raised at a valuation of $4.5 billion. wefox described the funding as buttressing its business model and path to profitability. Existing investors participated in the funding round along with new investor Squarepoint.
wefox said its Q1 2023 financial report delivered a record performance as the company grows.
Julian Teicke, CEO and co-founder of wefox, said they were pleased to garner the backing of such prestigious firms adding that the second close of their Series D ensures they can keep building on their international business.
“We have already taken important measures to fortify our business for the future and early Q1 financial performance shows that we are in good shape to navigate the challenges ahead and continue our international growth in a sustainable way.”
CFO and co-founder of wefox Fabian Wesemann noted that the market has shifted significantly in the past 18 months and they have “enhanced” their operating model as they chart a path towards profitability.
wefox shared their timeline of funding rounds:
- 2023: Series D extension round $110m through equity and debt
- 2022: Series D round $400m led by Mubadala
- 2021: Series C round $650M led by Target Global
- 2019: Series B round $235M led by Omers
- 2017: Series A round of $30M led by Horizons Ventures
- 2016: Seed round of $5.5M led by Salesforce Ventures.
wefox was founded in 2015 by Teicke, Wesemann, and Dario Fazlic and reports working with 300 insurers serving 2.5 million customers in Europe.
