Insurance technology firm WeFox announced its successful Series B investment round. The latest Series B extension funding round allowed the company to get $110 million in funding.
Although the WeFox Group has decided to keep mum on its financials, the company is reportedly slated to become the next insurtech unicorn in the whole of Europe. Following its initial $125 million Series B funding round earlier in March this year, the Berlin-based company obtained yet another $110 million.
OMERS Ventures led the latest extension round, with Business Insider saying this investment was OMERS’ first foray into supporting insurtech markets in Europe. Other investors who showed support for the WeFox Group include Merian Chrysalis, Mundi Ventures, and Samsung Catalyst Fund.
The funding recently gained by the German-based insurance technology firm will be geared towards supporting their expansion plans in the United Kingdom come 2020, reveals the Telegraph. The WeFox application currently provides users with access to consumer policies, claims, and insurance rates available on the market.
Although there are current threats of the Brexit and the possibility of its pushing through, the company still plans to push through its UK expansion plans, notes the Telegraph. However, its insurance product, named One Insurance, will be delayed because of probable regulatory restrictions in the event the UK exits the European Union.
In a statement, chief executive officer and co-founder of WeFox Group Julian Teicke said, “We are going to set up a hub in London and launch WeFox. But the election is a big thing. It is difficult to understand the implications. People who want to change products or industries are not going to the UK because of this insecurity, and Brexit is making this more difficult.”
Still, the UK consumers remain an attractive market for the firm primarily because it “[has] some of the worst customer experiences [of insurance],” reports the Telegraph.
Apart from operating in Germany, the insurtech company also has offices in Austria, Italy, Spain, and Switzerland.
