wefox
| Aktiengesellschaft (Holding AG) | |
| ISIN | 🆔 |
| Industry | Insurtech |
| Founded 📆 | 2015 |
| Founders 👔 |
|
| Headquarters 🏙️ | Berlin, Germany |
Area served 🗺️ | Europe |
Key people |
|
| Products 📟 | Insurance |
| Revenue🤑 |  US$580 million (2022) |
| Members | |
Number of employees | 1,400 (2022)[1] |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
wefox Holding AG is a German insurtech company headquartered in Berlin.[2] The company operates a digital platform that connects insurance providers, brokers, and customers, offering both third-party products and its own insurance policies.[3] The company's business model is primarily indirect, relying on a network of in-house and external brokers to advise customers and sell policies, rather than a direct-to-consumer approach.[1]
Founded in 2015, wefox achieved a peak valuation of US$4.5 billion in 2022.[1] However, following a period of rapid expansion and acquisitions, the company entered a period of significant restructuring in 2024 to address financial difficulties.[4][5]
History
Founding and early growth (2015–2018)
wefox was founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic.[6] The company was initially launched in Switzerland as FinanceFox in November 2014 as a digital service allowing customers to manage their existing insurance policies in a single app.[7] The platform was also designed for use by independent insurance brokers, providing them with a digital tool to manage their client base more efficiently.[7]
In September 2016, the company closed a $28 million Series A funding round led by Target Global and Horizons Ventures.[7]
Expansion and unicorn status (2019–2022)
In March 2019, wefox raised $125 million in a Series B round led by Mubadala Investment Company, with participation from Goldman Sachs and Salesforce Ventures.[8] In December of the same year, the company raised a $110 million Series B extension led by OMERS Ventures, which valued the company at $1.65 billion, making it an insurtech unicorn.[2] By the end of 2019, the company reported revenues of over $100 million and served more than 500,000 customers across Germany, Austria, Switzerland, and Spain.[2]
In June 2021, wefox announced a $650 million Series C round led by Target Global, which increased its valuation to $3 billion.[9] The company stated that its insurance carrier, wefox Insurance, had been profitable in 2020.[9] However, later reports indicated that the carrier continued to post significant underwriting losses in subsequent years.[10]
A year later, in July 2022, wefox raised a $400 million Series D round of equity and debt led by Mubadala, increasing its valuation to $4.5 billion.[1] At the time, the company reported revenues of $320 million for 2021 and stated it was on track to reach $600 million in 2022, having grown to over 2 million customers.[1]
Restructuring and leadership changes (2023–present)
In May 2023, wefox secured a $110 million Series D extension, consisting of $55 million in equity and a $55 million credit facility from J.P. Morgan and Barclays, while maintaining its $4.5 billion valuation.[11][12]
However, by early 2024, the company faced significant financial challenges. In March 2024, co-founder Julian Teicke stepped down as CEO to become non-executive President, and was replaced by Mark Hartigan as interim CEO and executive chairman.[13] In May 2024, Hartigan warned shareholders that the company was at risk of insolvency without a major restructuring.[5]
In July 2024, wefox announced it had secured €25 million in emergency funding and was undertaking a restructuring. This included exiting the German market through the sale of its brokerage activities and its subsidiary Assona (an e-bike insurer acquired in 2021), closing technology hubs in Spain and France, and ceasing to treat its insurance carrier, wefox Insurance AG, as a core part of the business.[4][14] Following a boardroom dispute over the restructuring plan, Hartigan was replaced as CEO in September 2024 by Joachim Müller, a former executive at Allianz.[15]
In July 2025, the company announced it had completed its restructuring and secured €151 million in new funding, with a stated focus on achieving profitability and scaling its core operations in Austria, the Netherlands, and Switzerland.[16]
Business model
wefox operates on an indirect distribution model, which differentiates it from many other insurtech companies that sell directly to consumers. The company's platform serves as a central hub for independent insurance brokers, providing them with digital tools to manage customer relationships, policies, and claims.[1] This approach allows wefox to partner with thousands of brokers, leveraging their existing client networks to acquire customers at a lower cost compared to direct marketing channels.[1]
For customers, the platform offers a single interface to manage all of their insurance policies, regardless of the provider. The company's own insurance products, underwritten by its subsidiary wefox Insurance AG, are also offered on the platform alongside third-party policies.[3]
Funding
wefox has raised a total of over $1.7 billion in funding across multiple rounds. The company's valuation peaked at $4.5 billion in 2022.
| Date | Round | Amount | Lead Investor(s) | Valuation |
|---|---|---|---|---|
| Sep 2016 | Series A | $28 million | Target Global, Horizons Ventures | N/A |
| Mar 2019 | Series B | $125 million | Mubadala Investment Company | N/A |
| Dec 2019 | Series B extension | $110 million | OMERS Ventures | $1.65 billion |
| Jun 2021 | Series C | $650 million | Target Global | $3 billion |
| Jul 2022 | Series D | $400 million | Mubadala Investment Company | $4.5 billion |
| May 2023 | Series D extension | $110 million | Squarepoint Capital, J.P. Morgan, Barclays | $4.5 billion |
| Jul 2024 | Emergency Funding | €25 million | Chrysalis Investments, Target Global | N/A |
| Jul 2025 | Refinancing | €151 million | Existing investors | N/A |
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 Sawers, Paul (11 July 2022). "Wefox grabs $400M to buck the insurtech downturn trend". TechCrunch. Retrieved 17 February 2026.
- ↑ 2.0 2.1 2.2 O'Hear, Steve (10 December 2019). "Wefox, the Berlin-based insurtech, raises $110M Series B extension". TechCrunch. Retrieved 17 February 2026.
- ↑ 3.0 3.1 O'Hear, Steve (26 June 2017). "Wefox acquires digital insurance carrier One". TechCrunch. Retrieved 17 February 2026.
- ↑ 4.0 4.1 "Wefox rescued from insolvency amid "profound" restructuring". Finextra. 1 July 2024. Retrieved 17 February 2026.
- ↑ 5.0 5.1 "Insurance unicorn Wefox warns investors of insolvency risk". Sky News. 16 May 2024. Retrieved 17 February 2026.
- ↑ "wefox CEO shares his journey with aspiring founders". Venturelab. 24 October 2022. Retrieved 17 February 2026.
- ↑ 7.0 7.1 7.2 O'Hear, Steve (20 September 2016). "European insurance tech startup FinanceFox closes $28M Series A". TechCrunch. Retrieved 17 February 2026.
- ↑ O'Hear, Steve (5 March 2019). "Wefox Group, the Berlin-based insurance tech startup, raises $125M Series B led by Mubadala". TechCrunch. Retrieved 17 February 2026.
- ↑ 9.0 9.1 Dillet, Romain (31 May 2021). "European insurtech startup Wefox grabs $650 million at $3 billion valuation". TechCrunch. Retrieved 17 February 2026.
- ↑ "wefox had another negative year". Coverager. 26 April 2024. Retrieved 17 February 2026.
- ↑ Lunden, Ingrid (17 May 2023). "JPMorgan, Barclays back insurance startup Wefox with $55 million loan". CNBC. Retrieved 17 February 2026.
- ↑ Lunden, Ingrid (16 May 2023). "Wefox secures new funding at $4.5 billion valuation as it aims for profitability". TechCrunch. Retrieved 17 February 2026.
- ↑ "Julian Teicke leaves CEO role". Coverager. 5 March 2024. Retrieved 17 February 2026.
- ↑ "Insurtech wefox exits the German market, sells assona and brokerage activities". Bobsguide. 1 August 2024. Retrieved 17 February 2026.
- ↑ Schütze, Arno (20 September 2024). "Wefox Appoints Former Allianz Executive Mueller as CEO to End Shareholder Fight". Insurance Journal. Retrieved 17 February 2026.
- ↑ "Business Moves: Insurtech Wefox Raises €151M to Build Core Positions". Insurance Journal. 7 July 2025. Retrieved 17 February 2026.
External links
Category:Financial technology companies Category:Companies based in Berlin Category:Financial services companies of Germany Category:Companies established in 2015
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