Berlin-Based InsurTech wefox Raises $110 Million to Build International Business

Berlin-based InsurTech wefox has raised $110 million to further strengthen its insurance and distribution business.

That total includes $55 million in a revolving credit facility from J.P. Morgan and Barclays, and $55 million in equity raised from existing and new investors as a second closing of the Series D, wefox said in a Wednesday (May 17) press release.

The latest funding round valued the company at $4.5 billion, according to the press release.

wefox was also valued at $4.5 billion when it closed a Series D funding round in July 2022, and was valued at $3 billion when it closed its Series C round in June 2021.

“We are delighted to have two of the world’s most prestigious financial institutions — J.P. Morgan and Barclays — supporting our business, which strengthens our plans to enhance our insurance and distribution capabilities whilst building our platform,” wefox CEO and Co-Founder Julian Teicke said in the release.

Teicke added that the second close of the Series D round will help the company continue to build an international business “with a strong path to profitability,” noting that wefox recently delivered record first-quarter financial performance.

It will also support the company’s recently launched global affinity business and the continuing development of its technology platform, according to the press release.

“We welcome having both J.P. Morgan and Barclays in addition to our new investors in this second close, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics,” wefox Chief Financial Officer and Co-Founder Fabian Wesemann said in the release.

Another InsurTech, Obie, announced Wednesday that it has raised $26 million in Series B funding to expand its embedded insurance offering for real estate investors.

Obie will use its new funding to add new partnerships and products, and continue expanding in a market that includes 18 million real estate investors in the U.S.

In February, South Africa-based InsurTech Naked raised $17 million in Series B funding and said the new investment will help it enter new markets, invest in new technology and expand its team.

Naked lets users buy car and home insurance from its app and website and charges a fixed percentage of premiums.