Wefox: German insurtech startup raises extra $110 million led by OMERS - Business Insider

This story requires our BI Prime membership. To read the full article,The German insurtech Wefox has raised an additional $110 million in funding from OMERS Ventures, Merian Chrysalis, Samsung Catalyst Fund, and Mundi Ventures.

"We want to dominate the $5 trillion insurance market on a global basis. A lot of companies disrupt specific niches, but we are more holistic," Wefox's CEO and cofounder, Julian Teicke, said in an interview with Business Insider.One of Germany's fastest-growing tech startups has raised another bumper tranche of funding to take its 2019 total to $235 million.

The company's Series B was led by the Abu Dhabi-government-owned Mubadala Ventures, alongside the Chinese investor CreditEase. Previous investors include Target Global, Salesforce Ventures, Seedcamp, Idinvest, and the Hollywood actor Ashton Kutcher's investment vehicle, Sound Ventures. "Investors have been excited by our strong unit economics, efficiency, and low loss ratio," Teicke told Business Insider in an interview. "The role of tech companies is to drive higher returns and better margins — we are striving to be profitable and not use a cash-burning model."

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Evgenia-Plotnikova-partner-dawn-capital-venture-capital-europe - Business InsiderA 32-year-old investor hotshot just became partner at $550 million Dawn Capital. Here's her view on investing in enterprise startups, Europe's hottest market right now. Love this! 😍 Broken link?
Source: BusinessInsider - 🏆 729. / 51 Read more »

Uber has filed an appeal after losing its license in London - Business InsiderUber drivers will still be allowed to operate while the court fight goes on, which could take months or even years. techinsider
Source: BusinessInsider - 🏆 729. / 51 Read more »

AT&T signals that it would cut costs by restructuring management and network distribution - Business InsiderICYMI: AT&T's operation revamp will contribute to its ongoing plan to reduce unwieldy debt following the Time Warner acquisition
Source: BusinessInsider - 🏆 729. / 51 Read more »

Johnson's government not match-fit for Brexit trade talks, says ex-May adviser - Business InsiderRaoul Ruparel said Boris Johnson's government could possibly secure a 'narrow and shallow' trade deal by the end of 2020.
Source: BusinessInsider - 🏆 729. / 51 Read more »

10 things in tech you need to know today - Business InsiderAmazon-owned Ring has said it will introduce new security features after hackers broke into a camera in a child's bedroom.
Source: BusinessInsider - 🏆 729. / 51 Read more »

TikTok's owner has been quietly testing a Spotify competitor - Business InsiderTikTok's parent company ByteDance has been quietly beta testing a new music app called 'Resso' in India and Indonesia.
Source: BusinessInsider - 🏆 729. / 51 Read more »