German insurtech firm wefox Group has raised an additional US$110 million in Series B funding, bringing the total amount it has raised this year to US$235 million.
The capital raise was led by OMERS Ventures, with participation from Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures, and existing investors.
Since launching in 2015, wefox Group has grown its sales to over US$100 million, with nearly 400 employees serving more than 500,000 customers in six countries.
Read more: Wefox acquires fully digital insurer One
“We’re delighted to have OMERS Ventures as the lead investor for this financing round, and with the addition of Merian Chrysalis and Samsung Catalyst Fund on board, we have reinforced wefox Group’s investor base substantially,” said Julian Teicke, co-founder and chief executive of wefox Group. “This year we quadrupled our growth and now we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020.”
“We are thrilled to continue our support of Julian and the incredibly ambitious wefox Group team as they continue to disrupt and re-invent the insurance industry,” said Henry Gladwyn, principal at OMERS Ventures. “We believe wefox Group’s approach to revolutionising insurance – empowering the consumer and prioritising solutions for secured data-driven experiences – will deliver significant value for the entire trade,” added Gladwyn.
