UAE’s Mubadala leads $400m funding round for Berlin-based insurtech

UAE’s Mubadala leads $400m funding round for Berlin-based insurtech
Wefox is a fully licensed digital insurance company that sells insurance to intermediaries. (Twitter @wefoxHQ)
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Updated 12 July 2022

UAE’s Mubadala leads $400m funding round for Berlin-based insurtech

UAE’s Mubadala leads $400m funding round for Berlin-based insurtech
  • Wefox increased its post-money valuation to $4.5bn

LONDON: Wefox, a Berlin-based insurtech, has closed a $400 million Series D funding round led by Mubadala Investment Company, according to a Gulf Business report.

Eurazeo, LGT, Horizons Ventures, OMERS Ventures, and Target Global were among the other investors in the round.

Wefox, which is a fully licensed digital insurance company that sells insurance to intermediaries, has more than two million customers.

Wefox's valuation has risen from $3 billion to $4.5 billion in a year, defying the current trend in the insurtech and tech sectors.

“Unlike most direct to consumer insurtechs, wefox acts as an ecosystem enabler, empowering the various distribution channels instead of competing with them,” said head of Mubadala Ventures Ibrahim Ajami.

“This model has allowed wefox to scale quickly and sustainably, providing brokers and customers alike a platform that seamlessly digitises the insurance market,” Ajami added.

“This new valuation of $4.5 billion is a clear validation of our business model, which focuses on indirect distribution via agents rather than direct. This makes our business one of the most credible insurtechs in the market right now. We continue doubling our revenues with last year reaching $320m” CEO and founder of wefox Julian Teicke said.

Teicke continued: “Within the first four months of this year wefox generated more than $200m in revenues, which keeps us on track to achieve our revenue target of $600m by the end of 2022.

“Wefox now has more than two million customers and we aim to reach three million customers by the end of this year. It is further proof that wefox is trusted and testament to our focus on prediction and prevention, rather than the traditional approach of repair and replace.

“We are making insurance 10 times better through technology. As a result, our customer experience is simple and fit for purpose for the way we live today.”


Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round
Updated 28 September 2022

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

RIYADH: Mazaya, an Egypt-based B2B e-commerce marketplace, raised $5 million in a pre-seed round, said a statement issued on Tuesday.

The funding round was led by financial investment firm Raya Trade and Distribution, it added.

The company will use the funds to boost its operation in Egypt as well as expand into new markets and other verticals.

“The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end,” Amir Aboul Fotouh, Mazaya co-founder, said.

The Mazaya App provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores from all major brands.

“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Bassem Megahed, CEO of Raya Trade and Distribution, said in a statement.

The company also plans to offer financial services and support to their retailers by offering credit facilities and flexible payment options.


Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap
Updated 28 September 2022

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

MOSCOW: Russia plans to spend 3.19 trillion roubles ($54.62 billion) from its National Wealth Fund this year to cover its budget deficit, a draft budget published on the finance ministry’s website showed on Wednesday, according to Reuters.

In 2023, Russia intends to spend 1.95 trillion roubles on budget deficit financing from the NWF, a rainy-day fund made up of oil and gas revenues, and another 643.7 billion roubles in 2024.

The ministry intends to issue 2.5 trillion roubles worth of OFZ treasury bonds as it seeks to ramp up domestic borrowing in 2023, the document showed.

In 2024, the ministry plans to borrow 3.4 trillion roubles and another 3.4 trillion roubles in 2025.


MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 
Updated 28 September 2022

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

RIYADH: Iraq has approved a project to build a $50 million industrial city in tandem with its post-war reconstruction initiative, reported Zawya.  

Located in the center of the Najaf Governorate, the new city will stretch over 9.5 sq. km, and encompass many different industries such as petrochemicals, lubricants, glass and detergents.

“This project will provide 5,000 jobs to Iraqis and its cost could exceed $50 million…we have received cabinet approval and have already selected a contractor,” said Dirgham Kiko, chairman of the Najaf Investment Commission.

It is expected to be completed within two years.

Petrofac’s contract extended in the Haliba oil field

UK-based Petrofac will continue supporting operations at the Haliba oil field in Abu Dhabi for the next two years, according to an agreement with Al-Dhafra Petroleum — a subsidiary of Abu Dhabi National Oil Co. Group.

Al-Dhafra Petroleum originally selected Petrofac for this contract in September 2019, reported MEED.  

ASHGHAL requests pre-qualification documents

Qatar’s Public Works Authority has requested prequalification documents for four construction contracts that make up the South of Wakrah and New District of Doha pumping station and outfall scheme, reported MEED.

The contract has been tendered since mid-August, and bids will be closed by Oct. 23.


Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round
Updated 28 September 2022

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

RIYADH: Egypt-based property technology startup Partment raised $1.5 million in a pre-seed funding round led by venture capital firm Nclude.

The company will use its acquired funding to deploy its platform by offering a solution for home co-ownership in Egypt.

Founded in 2022, the platform allows users to explore different listings of homes and co-own properties with 40+ nights per year to use the property.

“Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market,” Nadim Nagui, CEO at Partment, said in a statement.


MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year
Updated 28 September 2022

MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year

RIYADH: The Saudi Ports Authority, MAWANI, has achieved an increase in the volume of handling containers during the current year by 14 percent to reach 212 million tons.

The head of the Public Transport Authority, Rumaih Al-Rumaih, said at the Saudi Maritime Conference the King Abdulaziz Port now stands 14th in the world for container volume — up from 88th.

The Kingdom’s strategic location and its view of the most important waterways for world trade contributed to the transit of 70 percent of the Kingdom’s imports and 90 percent of its exports, Al-Rumaih added. 

Meanwhile, MAWANI signed agreements to establish five logistic zones in Jeddah Islamic Port with an investment value of nearly SR2 billion ($531 million), the head of Saudi Ports Authority, Omar Al-Hariri said. 

The Kingdom has all the ingredients for success, and through the national transport strategy, we will reach a bright future, Al-Rumaih added.