Things To Know About Wefox
The privately held insurance based company founded in 2015 is headquartered in Berlin. The company redefines insurance and makes it 10 times better and safe for the policyholders. It works with a mission for changing world for better. This category defining insurtech firm connects insurance to the people in a better way.
Recently, the company has raised a total of $110m in a funding round. In contribution to this whooping uplift, Notably, J.P. Morgan and Barclays have provided a $55m revolving credit facility, while the remaining $55m in equity was raised from both new and existing investors as a second closing of the Series D funding at a valuation of $4.5bn in total.
By the founders and co-founder, Julian Teicke, Fabian Wesemann, and Dario Fazlic, wefox has established itself as a world leader in InsurTech. It has integrated technology with insurance distribution capabilities to more than 300 insurers and 4,000 active distributors, serving 2.5m customers across the entire region of Europe.
How The Funding Will Be Useful To The Company
The new funding will be used for leveraging wefox’s insurance and distribution business, which includes the recent launch of a global affinity business, and to develop its technology platform integrated with insurance.
What Are The Views Of Leading Members Of The Firm On This
Julian Teicke, wefox CEO and co-founder, 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. Adding to this, Fabian Wesemann, CFO and co-founder of wefox, noted, “In addition to our new investors in this second close, we are also pleased to have secured the credit facility from J.P. Morgan and Barclays, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics.”
