- wefox raises a total of US$110m
- J.P. Morgan and Barclays provides $55m in a revolving credit facility
- Additional $55m in equity was raised from existing and new investors as a second closing of the Series D from new and existing investors at $4.5bn valuation
- New funding underlines strength of wefox business model and its clear focus on the path to profitability
wefox, the Berlin-based insurtech, has secured US$55m credit facility from J.P. Morgan and Barclays alongside a $55m second close in its Series D at US$4.5bn valuation from existing investors and new investors including Squarepoint Capital.
The funding comes on the heels of wefox delivering a record first quarter financial performance and signals the company’s clear path towards profitability.
The new funding is earmarked to further strengthen wefox’s insurance and distribution business, which includes the recent launch of a global affinity business, and developing the technology platform.
Julian Teicke, CEO and co-founder of wefox, said: “We are delighted to have two of the world’s most prestigious financial institutions - J.P. Morgan and Barclays - supporting our business, which strengthens our plans to enhance our insurance and distribution capabilities whilst building our platform.”
“The second close of our Series D round ensures we continue focussing on building an international business with a strong path to profitability. 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,” added Mr. Teicke.
Fabian Wesemann, CFO and co-founder of wefox, said: “The market environment has shifted significantly over the last 18 months and we have enhanced our operating model to capitalise on this new reality.”
“We welcome having both J.P. Morgan and Barclays in addition to our new investors in this second close, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics,” added Mr. Wesemann.
About wefox
[GER]
wefox. Empowering Insurance.
wefox wurde 2015 von Julian Teicke, Fabian Wesemann und Dario Fazlic gegründet. Das Ziel des InsurTechs: Empowering Insurance - die Versicherungsindustrie vollständig zu digitalisieren und so alle Akteure auf einfachem Wege zusammenzubringen.
Im März 2024 wurde Mark Hartigan zum CEO der wefox Gruppe ernannt, um das Unternehmen in die nächste Wachstumsphase zu führen. Seit der Gründung 2015 hat das Unternehmen seinen Umsatz jährlich gesteigert und 800 Mio. USD im Jahr 2023 erzielt. wefox hat aktuell knapp 3 Mio. Kunden in seinen Märkten Deutschland, Österreich, Italien, Polen, den Niederlanden und der Schweiz.
Im Mai 2023 erweiterte wefox seine Series-D-Finanzierung um 55 Mio. USD und sicherte sich eine zusätzliche RCF in Höhe von 55 Mio. USD von J.P. Morgan und Barclays. Das Unternehmen ist mit 4,5 Mrd. USD bewertet.
[ENG]
wefox. Empowering Insurance.
wefox was founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic. wefox is an insurtech driven by a single purpose: Empowering Insurance - driving the digital transformation of the insurance industry and facilitating seamless collaboration among all stakeholders.
In March 2024, Mark Hartigan was appointed CEO of the wefox Group to lead the company into the next growth phase. Since its founding in 2015, the company has annually increased its revenue and achieved $800 million in 2023. wefox currently has nearly 3 million customers in its markets of Germany, Austria, Italy, Poland, the Netherlands, and Switzerland.
In May 2023, wefox expanded its Series D financing by $55 million and secured an additional RCF of $55 million from J.P. Morgan and Barclays. The company is valued at $4.5 billion
Contact details
Related topics
Related news
WEFOX APPOINTS PAUL ONNEN AS CHIEF TECHNOLOGY OFFICER
wefox, the world’s leading insurtech, has appointed Paul Onnen as Chief Technology Officer, with immediate effect.
WEFOX LAUNCHES NEW BRAND CLAIM “EMPOWERING INSURANCE”
wefox, the Berlin-based insurtech, is launching a new brand claim: “wefox Empowering Insurance”.
WEFOX APPOINTS JONATHAN WISMER AS GROUP CHIEF FINANCIAL OFFICER
wefox is stepping up its plans for profitable growth and global expansion with the appointment of Jonathan Wismer as its new Group Chief Financial Officer (CFO) effective 1 October 2023.
WEFOX APPOINTED AS AFFINITY INSURANCE PARTNER BY WINDTRE
wefox, one of the world’s leading insurtech, has been appointed as affinity insurance partner by WINDTRE, Italy’s leading telecommunications business.
WEFOX AND GATE FROM IVECO ANNOUNCE NEW AFFINITY PARTNERSHIP
wefox, one of the world’s leading insurtechs, and GATE (Green & Advanced Transport Ecosystem), have formed a new partnership that uses digital solutions and a pay-per-use formula for the long-term ...