Wefox Group, the Berlin housed insurtech firm, which stands behind the consumer based insurance app Wefox, has raised $110 million in a Series B extension funding round.
The funding has brought the pre-money valuation of the company at $1.65 billion.
The extension funding was led by OMERS Venture, Samsung Catalyst Fund, and Merian Chrysalis. The round follows the March’s Series B round, where the brand raised $125 million, led by the Abu Dhabi government owned Mubadala Ventures and Creditease.
Talking about the OMERS Ventures association, Wefox’s CEO and Co-founder, Julian Teickie 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.”
The revenue chart of the insurtech firm, ever since its inception in 2014, has grown to more than $100 million and they are now offering services to more than 500,000 customers in Europe. The brand is also planning to launch their app to UK consumers next year, which would provide details on the customer claims, policies, and would help in finding new rates.
“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.
The company’s direct to consumer insurance brand, One Insurance, has a similar story to share. The insurance wing has also witnessed a nearly tenfold rise in their annual revenue, bringing the number up to $30 million, while it is on the verge of becoming Germany’s fastest growing private and household liability insurance provider.
While the firm is presently active in Austria, Germany, Spain, and Switzerland, commenting on the funding round, Julian mentioned that the funding amount will be invested in ramping up their international expansion plans in 2020.
Backing his expansion plans, Henry Gladwyn, the 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”.
The constant attention that the mobile centric finance industry is getting from investors, reinstates that the Fintech app development economy is ripe for innovation and standing miles apart from hitting the bubble.