Berlin insurtech wefox Group extends series B funding to $235m

Berlin-based insurtech wefox Group has increased its 2019 funding to $235 million after successfully closing an additional $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, with nearly 400 employees serving more than 500,000 customers in six countries.
In March of this year, wefox Group closed $125 million series B funding.

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.”

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 revolutionising insurance – empowering the consumer and prioritising solutions for secured data-driven experiences – will deliver significant value for the entire trade.”