Wefox, an insurance comparison platform, is reportedly looking to raise a ‘triple-digit-million’ euro equity round.
Among the potential investors is Softbank’s Vision Fund, which has a colossal $93bn investment fund, according to a report by Reuters which cites three sources with knowledge on the matter.
One of Reuter’s sources states that Softbank would lead the investment and nab a substantial stake in wefox, while the other two say there is competition for the lead. The report states that the round has ‘multiple bidding groups’ and Softbank invested in wefox’s previous round and wanted pre-empt the next round.
Founded in Switzerland, wefox operates its online insurance support platform across Berlin, Zurich, Vienna and Barcelona. The company helps consumers to optimise their insurance and ensure they are getting the best life, health, legal expense, travel, and motor liability insurance for them.
The wefox app enables users to view their rates and coverage, optimise policies, file a claim digitally, and access insurance experts for advice. Its InsuranceCheck service analyses a consumer’s cover, rates and potential risks to identify if there are better options to either save money or provide the right protection.
A copyright legal battle with fellow InsurTech platform Lemonade has held back the closing of the round, the article states. However, the CEOs are set to meet later in the week to resolve the issues, and could see Lemonade drop the case if wefox makes some changes.
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