Berlin-based digital insurance company wefox has raised $650 million in a Series C round led by Target Global. The record-setting round also saw participation from new investors FinTLV, EDBI, LGT via Lightrock, Partners Group, Jupiter, Decisive Wealth, and Ace & Co. Existing investors Horizons Ventures, OMERS Ventures, Eurazeo, Mubadala Capital, Mountain Partners, G Squared, CE Innovation Capital, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, and Ashton Kutcher’s Sound Ventures all followed on.

wefox reports that the mammoth influx of capital will be used to strengthen its position in existing markets as well as expand globally over the next 24 months.

“wefox continues to deliver exceptional results backed with demonstrable year-on-year revenue growth, which saw their insurance carrier, wefox Insurance, report a profit earlier this year, marking them out to be the first insurtech to reach profitability,” comments Target Global’s Yaron Valler. “We invested in wefox in their series A round in 2016 and we are delighted to be leading this series C round. Wefox is unique among the insurtech players with ample room for growth ahead.”

Founded in 2015 by Dario Fazlic, Fabian Wesemann, Jonathan Seoane, Julian Teicke, and Teodoro Martino, wefox sells insurance via intermediaries and not via direct channels. Utilising an analytics matrix, the firm achieves better loss ratios than the market. And it shows, as the company reports solid growth in revenues totaling over $140 million in the 2020 financial year, as well as reporting a profit via its carrier, wefox insurance.

“Within the next few years, we will expand our global footprint, increase our presence in Europe, and move into both the US and Asian markets. wefox will become the leading personal insurance company within the decade,” states CEO Julian Teicke.

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