Abu-Dhabi based Mubadala Ventures has led $125 million Series B round in Wefox Group, a Berlin-based digital marketplace for insurance, TechCrunch reported yesterday, adding that the investment came from Mubadala Ventures newly created European tech fund. Wefox also said that the investment is the first tranche of their Series B.
Founded in late 2014, Wefox’s digital marketplace serves customers, brokers, and insurance by managing insurance and financial products, and back-office procedures. The startup according to the report by TechCrunch apart from its digital marketplace also runs One, a direct-to-consumer fully digital insurance provider to personal insurance coverage.
Wefox Group’s co-founder and CEO told TechCrunch that they are making around $40 million in revenues and currently serve over 1,500 brokers and 400,000 customers. The startup that is currently present in Germany, Switzerland, and Austria, will use the funds to expand to more European markets.
Ibrahim Ajami, Head of Mubadala Ventures, in a statement, said, “We are excited to launch our European platform with our first investment. Wefox Group is tackling an industry problem with an innovative and elegant solution by enabling and empowering key stakeholders in the value chain. We are looking forward to partner with Wefox Group’s exceptional team of founders, management team and employees.”
Mubadala in a statement last year had said that their Europen fund will also “facilitate the process for European tech companies to establish operations in Abu Dhabi to target the Gulf and Middle East markets.”
It is not clear if Wefox has any plans to expand into MENA.