Mubadala Investment Company led the equity raise with participation from Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global.
The round sees wefox increase its valuation from US$3bn to US$4.5bn in 12 months, bucking the trend currently experienced in the insurtech market and more broadly across the tech sector.
Julian Teicke, CEO and founder of wefox, said: “This new valuation of US$4.5 billion 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 US$320m. Within the first four months of this year wefox generated more than US$200m in revenues, which keeps us on track to achieve our revenue target of US$600m by the end of 2022.”
wefox intends to use the funding for product development and expand across Europe and thereafter Asia and the US.