Wefox is after more money
According to German media reports, insurance startup Wefox is negotiating a ~$50 million debt financing deal with JP Morgan.
Just under a year ago, when wefox announced a $400 million equity and debt round at a post-money valuation of $4.5 billion, co-founder and CEO Julian Teicke said the company didn’t need more money. “We don’t need any more cash, however, following our Series C round, investors approached us and under the current economic climate we believe it was prudent to review the situation and take advantage of the current economic downturn — because we see this as an opportunity to grow even faster.”
The startup has been making headlines lately, and not in a good way. In February, reports came out about layoffs at the company, while an earlier report shed some light around the startup’s growth engine – acquiring traditional brokers.