FRANKFURT (Reuters) – Wefox, one of Europe’s fastest-growing insurance technology firms, has secured $125 million in financing to expand across the region and help its customers harness “big data”.
The money came from Abu Dhabi’s state investor Mubadala Investment Company, Goldman Sachs and China’s Creditease as well as existing investors AngelList, Horizons Ventures, Idinvest Partners, Seedcamp, Speedinvest and Target Global, according to a statement from Idinvest.
The financing round pushes Wefox’ valuation close to the $1 billion mark, a person familiar with the matter said. The company was founded in 2014 is now generating annual revenue of $40 million. Wefox declined to comment on the valuation.
Little known outside the German-speaking world, Wefox operates digital platforms that connect insurers, brokers and consumers, allowing them to buy insurance, change policies and settle claims quickly online.
The company aims to help insurance groups use big data to provide more tailored coverage for, for example, taxi or food delivery workers on occasional shifts, or skiers spending a day on the slopes.
It is also expanding outside of Germany, Austria and Switzerland, into other European markets.
Japan’s SoftBank has provided nearly half of the cash for Abu Dhabi’s state investor Mubadala Investment Co’s new $400 million fund investing in European start-ups, a source familiar with the matter said last month.
Reuters reported in August that Softbank was expected to participate in a Wefox funding round of more than 100 million euros ($113 million).
Reporting by Arno Schuetze; Editing by Elaine Hardcastle