German InsurTech platform wefox Group has secured a new $110m investment, just months after raising $125m for its Series B.
The new capital infusion was led by OMERS Ventures, with participation also coming from Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures. Previous backers of wefox also contributed to the round.
wefox Group previously raised $125m in its Series B back in March following contributions from Mubadala Ventures and Creditease.
The insurance group is made up of two units, wefox and ONE. Its wefox solution is a mobile app which enables consumers to monitor their insurance and ensure they are getting the best coverage for them.
Its app enables them to view their rates and coverage, optimize policies, file claims digitally and access insurance experts for advice. Through the InsuranceCheck service, a user can analyse their protection, rates and potential risks to see if there are better alternatives.
ONE was launched by wefox in 2018 to provide Germans access to household and private liability insurance. Its annual recurring revenue has grown by over 15-times this year to $30m while delivering a loss ratio below 40%.
OMERS Ventures principal Henry Gladwyn said, “We believe wefox Group’s approach to revolutionizing insurance – empowering the consumer and prioritizing solutions for secured data-driven experiences – will deliver significant value for the entire trade,” added Gladwyn.
Since wefox launched in 2015, it has grown its sales to more than $100m and serves over 500,000 customers spanning six countries.
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