Berlin InsurTech firm secures £84m ahead UK hub launch
Berlin-based WeFox Group has secured £84m in the second part of its Series B funding.
The raise, led by OMERS Ventures, included participation from UK listed fund Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures and its existing investors.
The latest round brings the total amount raised by the firm to $235m in 2019 and precedes its plans for the opening of WeFox London hub in 2020.
The firm’s app gives independently rated details of insurance policies claims. The WeFox Group also includes sister business One Insurance, which provides home insurance policies.
The start-up is planning to launch its WeFox app in the UK next year alongside a new office, which its CEO and co-founder Julian Teicke said would happen irrespective of Brexit.
“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,” he said.
The UK will not be the first new base for the firm, which has already expanded into six countries which includes a base Zurich, Switzerland.
It claims to serve over 500,000 customers, with sales totalling over $100m.