wefox, a digital insurance company in Germany, has raised €151m ($177m) to support its new strategic focus on its managing general agent business and smart insurance distribution.
The funding comprises a €76m capital raise, primarily from existing investors, and a €75m refinancing of an existing credit facility from Searchlight Capital Partners’ credit fund, Searchlight Opportunities Fund II.
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The move follows the completion of wefox Group’s business restructuring programme, which included the divestiture of wefox Insurance AG in Liechtenstein and its Italian entities, wefox MGA and wefox Services Italy.
The company plans to use the new capital to expand its market presence in Austria, the Netherlands, and Switzerland.
Joachim Müller, CEO of wefox Holding AG, commented: “Our strengths and our focus on MGA and smart distribution services make us an attractive partner for risk carriers and downstream brokers.
“I would like to express my gratitude to my team and all employees who have contributed to our successful transformation, as well as our investors for their continued trust and support. I would also like to thank the outgoing board members for their support and collaboration, and I look forward to working with Prateek on the board.”
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By GlobalDataAdditionally, wefox Holding disclosed changes to its board of directors. Prateek Puri from Searchlight Capital Partners and Joachim Müller, CEO, have joined the board.
Julian Teicke, Fabian Wesemann, Dario Fazlic, and Nikolaus Frei have resigned from their board positions.
