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Wefox secures new funding at $4.5 billion valuation as it aims for profitability

Variety

17-05-2023 | 04:51

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Wefox secures new funding at $4.5 billion valuation as it aims for profitability

Wefox, the German insurtech startup, has closed a new funding round from existing investors. The funding amount isn’t going to impress anyone as the company managed to secure $55 million. This could be considered as an extension of the $400 million Series D round as Wefox managed to maintain the same valuation of $4.5 billion.

The fact that Wefox is still valued at $4.5 billion is an interesting tidbit though. Many startups are struggling to raise funding rounds or have to lower their valuation. In addition to this traditional equity investment, Wefox also secured $55 million in a revolving credit facility from JP Morgan and Barclays.

As a reminder, Wefox sells insurance products through in-house and external insurance brokers. Unlike its German rival Getsafe, it doesn’t rely on a direct-to-consumer distribution strategy. This model has scaled extremely well as Wefox now has 4,000 distribution partners.

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