wefox announces $110 million Series B extension

Wefox has increased its 2019 funding to $235 million after closing a $110 million Series B extension at a pre-money valuation of $1.65 billion. The round was led by OMERS Ventures, with participation from Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures and existing investors.

Since launching in 2015, wefox has grown its sales to over $100 million, serving more than 500,000 customers in six countries. According to a press release from the company, ONE – the group’s digital only insurer – is the fastest growing insurance company in Germany having increased its annual recurring revenue by more than fifteen times this year to $30 million while delivering a loss ratio below 40%.

“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.” – Julian Teicke, chief executive and cofounder of wefox Group.

“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.” – Henry Gladwyn, principal at OMERS Ventures.

“wefox Group is an exciting demonstration of a fast-moving company harnessing data and AI to disrupt traditional industries. We look forward to working with the team and to take part of this development.” – Young Sohn, Corporate President & Chief Strategy Officer, Samsung Electronics, and Chairman of the Board for HARMAN.