Fast-Growing German Insurtech Wefox Raises $110 Million More

German insurance technology firm Wefox said on Wednesday it had attracted an additional $110 million of investment in its second funding round, bringing the total amount of money raised this year to invest in its expansion to $235 million.

The follow-on investment in the Series B round was led by OMERS Ventures, Merian Chrysalis and Samsung Catalyst fund. Earlier investors Abu Dhabi’s Mubadala Ventures, China’s CreditEase and Spain’s VC Mundi Ventures also chipped in.

Wefox, founded in 2015, has built up its workforce to 400 and operates in six European markets, while annual revenues have grown to over $100 million. Founder and CEO Julian Teicke said Wefox would invest the funds raised on its growth strategy.

“Already this year we were able to quadruple our growth. Our long-term goal is to become the biggest insurance company in the world,” Teicke said in a statement.

Little known outside the German-speaking world, Wefox operates digital platforms that connect insurers, brokers and consumers, allowing them to buy insurance, change policies and settle claims quickly online.

The company aims to help insurance groups use big data to provide more tailored coverage for, for example, taxi or food delivery workers on occasional shifts, or skiers spending a day on the slopes.

A source familiar with the matter said the latest funding valued the business at over $1 billion. Wefox declined to comment.

Fundraising by European fintech startups is gathering pace, with investment of $5.1 billion in the first half of the year overtaking Asia and closing in on the $7.5 billion raised in the United States, according to figures from Dealroom.co.

(Reporting by Douglas Busvine; Editing by Mark Potter)