wefox Group, the Berlin-based insurtech has increased its 2019 funding to USD$235 million after successfully closing an additional USD$110 million led by OMERS Ventures, with participation from Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures and existing investors.
Since launching in 2015, wefox Group has grown its sales to over USD$100 million and with nearly 400 employees serving more than 500,000 customers in six countries, wefox Group is Europe’s leading insurtech.
In March of this year, wefox Group closed USD$125 million series B funding making it the largest for a European insurtech. The company’s solid performance from its two business units – ONE and wefox – has also made wefox Group an attractive investment target.
ONE Insurance is the fastest growing insurance company in Germany having increased its annual recurring revenue (ARR) by more than fifteen times (15X) this year to $30 million while delivering a loss ratio below 40%. The distribution platform, wefox, recently completed the merger of one of Austria’s major insurance brokers, which consolidates its leading position in Europe.
Julian Teicke, chief executive and co-founder of wefox Group, said: “We’re delighted to have OMERS Ventures as the lead investor for this financing round, and with the addition of Merian Chrysalis and Samsung Catalyst Fund on board, we have reinforced wefox Group’s investor base substantially.
“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,” added Teicke.
Henry Gladwyn, principal at OMERS Ventures, said: “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 prioritizing solutions for secured data-driven experiences – will deliver significant value for the entire trade,” added Gladwyn.
Young Sohn, Corporate President & Chief Strategy Officer, Samsung Electronics, and Chairman of the Board for HARMAN, said: “wefox Group is an exciting demonstration of a fast-moving company harnessing data and AI to disrupt traditional industries. We look forward to working with the team and to take part of this development.”