Berlin-based insurtech Wefox has hit a $4.5bn valuation thanks to a huge Series D round led by Mubadala Investment Company.
Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global also took part in the $400m equity and debt round, which has boosted Wefox’s valuation 50% in the past 12 months.
The digital insurance company sells its products through intermediaries and not directly to customers, which it says has resulted in significant growth.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
CEO and founder Julian Teicke said, “This new valuation of $4.5bn is a clear validation of our business model, which focuses on indirect distribution via agents rather than direct.
“This makes our business one of the most credible insurtechs in the market right now.
“We continue doubling our revenues with last year reaching $320m.
“Within the first four months of this year wefox generated more than $200m in revenues, which keeps us on track to achieve our revenue target of $600m by the end of 2022.”
Ibrahim Ajami, head of Mubadala Ventures, said, “Unlike most direct to consumer insurtechs, wefox acts as an ecosystem enabler – empowering the various distribution channels instead of competing with them.
“This model has allowed wefox to scale quickly and sustainably, providing brokers and customers alike a platform that seamlessly digitizes the insurance market.”
Source: AltAssets
Can’t stop reading? Read more
Clearlake Capital strengthens executive bench as it scales global investment platform
Clearlake Capital strengthens executive bench as it scales global investment platform Clearlake...
Croatia’s Prosperus Growth acquires Neos to anchor IT platform strategy
Croatia’s Prosperus Growth acquires Neos to anchor IT platform strategy Croatian private equity...
Alter Capital takes control of Wifit Gyms to accelerate Iberian expansion
Alter Capital takes control of Wifit Gyms to accelerate Iberian expansion Alter Capital Desarrollo...