Wefox Group, the Berlin-based insurtech startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox, has raised $125 million in Series B funding. Notably, the round is led by Abu Dhabi government-owned Mubadala Ventures (which is also an LP in SoftBank’s Vision Fund) and is the first investment from Mubadala’s newly created European Investment Fund. Chinese investor Creditease also participated.
The investment, which Wefox Group says is the first tranche in the Series B round, will be used for expansion into the European broker market. The German company will also grow its product and engineering teams, specifically in relation to applying “advanced data analytics” to realise Wefox’s vision for an all-in-one insurance platform that places personalisation at the heart of how various insurance coverage is sold and delivered.
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