wefox, a Berlin-based digital insurance company, has raised US$650 million for its Series C funding round led by Target Global, resulting in a post-money valuation of US$3 billion.

The firm intends to invest the proceeds in strengthening its presence in existing markets and expanding globally within the next two years.

wefox, which was launched in 2015, is a fully licensed digital insurance company that sells insurance through intermediaries and not directly to customers, which has resulted in significant growth with a clear path to profitability.

The company has grown its revenues to more than US$140 million in the 2020 financial year and reported a profit for 2020 through its insurance carrier, wefox Insurance.

Julian Teicke, CEO and Founder of wefox said,

“This year we took several important steps, such as unifying the business under one wefox brand, expanding into Poland, and setting up a deep tech team in Paris.

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.”

Fabian Wesemann, CFO and Founder of wefox said,

“This investment strengthens our growth strategy and moves us closer to realising our vision – to prevent 30% of risks from happening – in order to offer the most advanced service to our customers.

 

As part of this, we want to ensure that we are building the technology to automate our business processes to have a STP ratio consistently above 80%.”

Featured image: (L-R) Fabian Wesemann, CFO and Founder of wefox and Julian Teicke, CEO and Founder of wefox