Wefox

The activities of insurtech-startup Wefox from Germany started in 2015. The goal of the startup is to provide people with security and prevent risks through a large-scale rethinking of insurance using technology. Wefox focuses on selling insurance through intermediaries rather than through direct channels. Thanks to analytics, Wefox achieves a better loss ratio than the market. Wefox created a network of thousands of consultants with digital support throughout, To Europe which increases customer satisfaction, reduces customer attraction costs, increases cross-selling and reduces customer outflows. Wefox customers have applications available for smartphones iOS both OS and. Android

History

2021: Raising $650 million in investments, including from Target Global

In early June 2021, the Berlin insurtech startup Wefox announced the attraction of $650 million in investments. The investment round was led by Target Global, founded by Russians, and was also attended by the Ukrainian fund GR Capital, Sound Ventures, Partners Group, Jupiter, Decisive Wealth and others. This is a record amount for a startup that has increased Wefox's valuation 3 times (to $3 billion) since raising funds in 2019.

Startup Wefox, which by June 2021 is present in, and Germany Switzerland , To Poland will use the raised money to expand in, and in To Europe 2022 Wefox plans to enter the markets and. USA Asia The startup intends to expand the range of its branded products to life and health, as well as to the household, responsibility and cars.

Target Global, founded by Russians, has invested in insurtech startup Wefox

Wefox founder and CEO Julian Teike noted in an interview with Reuters that the Series C round generated significant interest among investors as the startup develops and generates profits faster than rival online insurers.

He explained this by Wefox's strategy to offer digital tools that allow insurance agents to optimize and automate labor-intensive processes. Agents sell 9 out of every 10 policies in Europe, resulting in competitors working directly with consumers, such as Lemonade, fighting for a smaller part of the market.^[1]

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