German 'insurtech' Wefox raises $650 million at valuation of $3 billion By Reuters
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Summary:
Reuters.
By Douglas Busvine
BERLIN (Reuters) - Digital insurance startup Wefox said on Tuesday it had raised $650 million from investors, in what it called a record-breaking round for a so-called "insurtech" company that valued the business at $3 billion.
The funding means Berlin-based Wefox has grown in value threefold since tapping investors in 2019. The move follows big raises by local startups Trade Republic, an online stockbroker, and quick-delivery firm Gorillas.
Wefox founder and CEO Julian Teicke told Reuters the Series C round had drawn strong investor demand because Wefox was growing both rapidly and more profitably than rival online insurers that are losing money.
He put that down to Wefox's strategy of offering digital tools that enable insurance agents to streamli ...
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