wefox Group, the Berlin-based insurtech, has boosted its Series B to $235 million after closing an additional $110 million led by OMERS Ventures, with participation from Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures and existing investors. The round’s first close was back in March, bringing in $125 million from Mubadala Ventures.
wefox Group runs two business entities: ONE Insurance, a German insurer that’s grown its ARR by over fifteen times this year; and wefox, an AI-driven digital marketplace that connects brokers, agencies, and individuals for personalised coverage. Launched in 2015, the company has grown its sales to over $100 million, with nearly 400 employees serving more than 500,000 customers in six countries.
Julian Teicke, CEO and co-founder of wefox Group, said: “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.”
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.”