How to turn a fox into a multiple unicorn? All it takes is a promising business idea and a massive influx of capital such as the USD 650 million just raised by Berlin Insurtech Wefox.
The company says this motherlode is the largest Series C round of financing for a fintech anywhere in the world. Wefox is now valued at USD 3 billion.
“With our last round we have become financially independent,” Wefox co-founder and CFO Fabian Wesemann told business newspaper Handelsblatt. “It means that we can plan for the future without constantly having to think about finances.”
Unlike many other insurtechs, Wefox doesn’t just sell directly to customers. It primarily offers digital tools enabling insurance agents to streamline and automate labor-intensive processes.
Founded in 2015, Wefox presently employs 600 people in eight locations. It says it plans to use the fresh funds to continue its international expansion.