Insurtech firm wefox has successfully expanded its Series D funding round, raising an impressive $110 million. What makes this news even more significant is the involvement of renowned financial institutions Barclays and JP Morgan.
The details of this deal, along with wefox’s plans, profitability goals, and the role of other insurers and brokers in their overall strategy, were discussed in an insightful conversation between Dr. Robin Kiera and wefox CEO, Julian Teicke.
You can also read them in the article published by Versicherungsbote.
Julian Teicke highlighted what the vote of confidence this investment represents for wefox and its business model. “A sign of trust”, as he mentioned.
The funding consists of equity at previous terms and debt capital from the banks. The company currently earns 40% from its insurer and 60% from an extensive network of approximately 4,000 distributors, who leverage the company’s technology to sell insurance products.
With a customer base of around 2.5 million, Wefox is positioned as a significant player in the insurance industry.
The process wasn’t easy as banks follow due diligence when it comes to investment and financing. Here, Julian revealed that the due diligence phase lasted 6 months, almost like answering 10,000 questions, as he puts it lightly.
This intensive proces ultimately yielded a favorable outcome for wefox.
Watch full video on YouTube.
