The funding will be used to strengthen wefox’s insurance and distribution business and to develop its technology platform
Germany-based insurtech wefox has raised $110m to strengthen its insurance and distribution business and develop its technology platform.
The series D extension round includes a $55m credit facility alongside $55m of cash.
J.P. Morgan and Barclays provided the revolving credit facility. The cash came from existing and new investors, including Squarepoint.
Founded in 2015 by Julian Teicke, Fabian Wesemann (pictured), and Dario Fazlic, wefox’s platform connects insurance companies, distributors and customers, to provide access to digital insurance solutions.
The company has raised more than $1.4b to date.
Teicke, chief executive officer of wefox, said: “We are delighted to have two of the world’s most prestigious financial institutions—J.P. Morgan and Barclays—supporting our business.”
“The second close of our Series D round ensures we continue focussing on building an international business with a strong path to profitability.
“Early Q1 financial performance shows that we are in good shape to navigate the challenges ahead and continue our international growth in a sustainable way.”
Wesemann, chief financial officer of wefox, added: “The market environment has shifted significantly over the last 18 months and we have enhanced our operating model to capitalise on this new reality.
“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.”
Wefox recently launched its global affinity business, which connects insurance companies with partners to distribute insurance products, increasing its existing channels and reach.