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

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'We want to dominate the $5 trillion insurance market on a global basis.'

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."

 

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