Wefox now valued at 3 billion dollars

Founded in 2015 in Zurich, the InsurTech firm wefox has raised a record total of 650 million US dollars as part of a Series C financing round, details of which can be found in a press release issued on Tuesday. The company is therefore now valued at 3 billion dollars – three times as high as in 2019. The financing round was led by the European venture capital firm Target Global, which is based in Berlin. Total investment since the first financing round carried out in 2016 now stands at 918 million US dollars. In 2020, founder and CEO of wefox, Julian Teicke, was named HSG Founder of the Year 2020 by the University of St.Gallen (HSG).

Instead of relying on expensive direct sales, since 2018 the fully licensed digital insurance company has “entirely” focused on generating sales through consultants and intermediaries, according to the press release. It was this decision that led to extraordinary growth within the European insurance industry and to wefox’s increased profitability.

At present, wefox employs more than 600 members of staff and operates – these days mainly from Berlin – out of Germany, Austria, Poland and Switzerland. In the press release, Julian Teicke underlined that his company remains focused on expansion plans and intends to secure further international growth over the next few years. Wefox has also set its sights on becoming the leading provider of digital personal insurance policies before the end of the current decade.