DUBAI: Abu Dhabi’s Mubadala is among the investors to have joined a $650 million funding round for Berlin-based digital insurance outfit wefox.
The Series C funding round was led by Target Global and was the largest for an insurtech globally and one of largest series C rounds ever recorded, wefox said in a statement on Tuesday.
“This year we took several important steps, such as unifying the business under one wefox brand, expanding into Poland, and setting up a deep tech team in Paris. Within the next few years, we will expand our global footprint, increase our presence in Europe, and move into both the US and Asian markets. wefox will become the leading personal insurance company within the decade,” said Julian Teicke, CEO and founder of wefox.
The company was launched in 2015 and has grown its revenues to more than $140 million in the 2020 financial year.
Gulf sovereign funds such as Mubadala are ramping up investments in the technology sector worldwide.
