Wefox, a Berlin-based insurtech company, has secured $110 million to expand its insurance and distribution operations.
This amount comprises $55 million in a revolving credit facility from J.P. Morgan and Barclays, as well as $55 million in equity obtained from current and new investors as part of the Series D’s second closing, according to a news statement issued on May 17.
According to the press statement, the most recent fundraising round valued the firm at $4.5 billion.
Wefox was also worth $4.5 billion when it concluded its Series D investment round in July 2022, and $3 billion when it closed its Series C round in June 2021.
“We are delighted to have two of the world’s most prestigious financial institutions — J.P. Morgan and Barclays — supporting our business, which strengthens our plans to enhance our insurance and distribution capabilities while building our platform,” said wefox CEO and Co-Founder Julian Teicke in a statement.
Teicke further stated that the second completion of the Series D investment will assist the company in continuing to grow an international business “with a strong path to profitability,” noting that wefox just reported record first-quarter financial results.
According to the news announcement, it will also help the company’s recently launched global affinity business and the ongoing growth of its technological platform.