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December 11, 2019

Insurtech WeFox raises $110m in fresh funding; plans to expand to UK

WeFox, a Germany-based insurtech start-up, has raised $110m in Series B extension funding round.

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by GlobalData
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Canada-based OMERS Ventures lead the latest funding that also witnessed participation from existing investors, such as Samsung Catalyst Fund.

In the first part, the Berlin-based insurtech raised $125m from Abu Dhabi government-owned Mubadala Ventures and China’s Creditease in March this year.

With the latest funding, WeFox has raised a total of $235m so far this year. WeFox plans to use the proceeds to expand into the UK market.

WeFox CEO and co-founder Julian Teicke: “This year we quadrupled our growth and now we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020.”

OMERS Ventures principal Henry Gladwyn stated: “We are thrilled to continue our support of Julian and the incredibly ambitious WeFox Group team as they continue to disrupt and re-invent the insurance industry.

“We believe WeFox Group’s approach to revolutionizing insurance – empowering the consumer and prioritising solutions for secured data-driven experiences – will deliver significant value for the entire trade.”

Since its inception in 2015, WeFox has launched service in six countries and serves more than 500,000 customers.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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