Marking it the first investment from Mubadala’s newly created European Investment Fund.
This investment is also the first portion in Wefox Group’s Series B round and will be used to expand into the European broker market. Not just that, the German startup will also use the newly acquired funds to grow their teams to help in applying advanced data analytics to realize Wefox’s vision for an all-in-one insurance platform that places personalization at the heart of how various insurance coverages are sold and delivered.
In late 2016, the startup raised $28 million in Series A funding, and have onboard investors that include Salesforce Ventures, Idinvest, Seedcamp, Target Global and most notably Hollywood actor Ashton Kutcher’s investment vehicle Sound Ventures.
Wefox Group co-founder and CEO Julian Teicke told MAGNiTT, that “Wefox has grown its revenues to around $40 million since being founded in 2014. The company now serves more than 1,500 brokers and more than 400,000 customers, making it Europe’s number one insurtech platform.”
Wefox Group is composed of two principal subsidiaries: Wefox, and One.
In an attempt to bring the insurance industry into the digital age, Wefox is a platform that connects insurance providers, brokers and customers. But rather than working on bypassing human brokers entirely, the platform lets independent brokers add their existing customers to help deliver a better experience and more efficiently manage their clients’ coverage.
On the other hand, One is a direct-to-consumer fully digital insurance provider, offering various personal insurance coverage — and is only one of multiple insurance providers that reside on the Wefox platform and can be recommended by brokers.