Wefox Group

Wefox Group is an insurtech company in Europe.

The Group operates Wefox and ONE. Wefox is a service platform for insurance, which enables businesses to easily access all their insurance contracts at any time from anywhere and request and enter into new contracts or quit the old ones with just one click. All services are available online and users can choose a personal assistant themselves for additional support.

ONE is the first digital insurance carrier in Europe fully integrated into the Wefox wallet. It was acquired by Wefox in 2017.

In 2018 the company partnered with independent insurance brokerage, Mansutti S.p.A. to facilitate the launch of their product in Italy.

Then, in 2019, SBI Holdings announced it had collaborated with Wefox to create new insurance agency, SBI Wefox Asia. As a result, the agency will sign an exclusive business alliance agreement for business development in East and Southeast Asia with Wefox, leveraging their platform to augment their operations with such technologies as AI and Big Data.

The company's Series B, which initially raised $125m in March 2019, was expanded by $110m in December 2019. Along with the latter announcement, WeFox announced it was launching a London hub in London in 2020, and launching an app for UK consumers.

In 2019 the company stated sales had grown to more than $100m.

Throughout March and April 2020 German startups - including Wefox - collaborated to create an app to help track those who have been exposed to Covid-19. The group stated the opt-in app would anonymously map close contacts, which will help in the road to isolating all those affected - and eventually lift restrictions when countries are able.

At the end of June 2020 CEO of Wefox Group Julian Teick announced the launch of its developer-first API platform, Koble, its new venture. Julian also revealed more information about the group's other companies, stating that distribution channel wefox has grown from $0 to over $100m in revenues in four years, and full-stack insurer One Insurance has grown from $0 to more than $30m in ARR in two years.

In the midst of the global Covid-19 pandemic, WeFox has pushed out WeFoxGo to connect brokers to their customers via video conference. The service is free of charge for every broker hit by the crisis in any global market outside of their core markets.

In December 2020 Wefox's Julian Teicke revealed the company expects to reach profitability in 2021. The company has been expanding rapidly with a recent launch in Switzerland and further plans for Poland soon plus new products launching in Italy shortly after. Wefox has sold around 500k active policies to 350k customers on ONE, and hosts 3,500 independent brokers.

In 2020 wefox generated $140m in revenue.

In March 2021 wefox's Julien Teicke announced wefox had had a profitable 2020 (with YoY growth of over 500%), completed a rebrand, and opened a new AI office in Paris, as part of the company's strategy to focus on being preventative, rather than reactive. The company plans to launch wefox Prevent next year, which will use smart device data to predict and warn about impending risks, such as bad driving conditions.

In June 2021 wefox raised $650m Series C funding, reaching a post-money valuation of $3bn. The full-stack insurer also revealed plans to launch 20 new products across P&C, pet, health and life by the end of the year, and that it will soon launch in Italy.

In February 2022 wefox announced its launch in Italy with the sponsorship of football club AC Milan.

In June 2022 reports began to circulate that wefox was allegedly in late discussions to raise hundreds of millions of dollars in more funding, at a valuation of $5B-$6B, which could see it doubling its valuation from last year's Series C raise. The source claims that the funding could be finalised in the next few weeks, however nothing has been confirmed and reps from wefox declined to comment.

In July 2022 wefox reached a new milestone - serving 2 million customers. Last year the company became the first insurtech to have a funding round of $600M, which became the biggest investment round for an insurtech globally. Wefox has also doubled their revenues annually and is also on track to reach its target in 2022, having already reached $200M in the first four months of business this year.

In November 2022 wefox opened its third tech hub, this time based in Milan, Italy. The latest hub will focus on AI to accelerate wefox strategy. It also announced the intention to double its revenue to $1.25bn in 2023 as it pushes its technology to a growing list of brokers.

Later in February 2023 raised an additional $55m from existing investors, less than a year after the initial closing of its $400m Series D round. 

In April 2023 wefox secured $55m credit facility from J.P. Morgan and Barclays alongside a $55m second close in Series D funding at $4.5bn valuation. The new funding was earmarked to further strengthen wefox’s insurance and distribution business, which includes the recent launch of a global affinity business, and developing the technology platform. 

Then in May 2023 CEO Julian Teicke also revealed that the total volume of insurance premiums of the platform was around €2bn, €200m of which was its own insurance. The company also raised $55m in funding and $55m in a revolving credit facility at a valuation of $4.5bn - the same valuation it had during its $400m raise back in July last year. 

In June 2023 the company partnered with PROPUP, an Austrian proptech startup. It offers real estate brokers and property management companies a transaction management platform to simplify real estate transactions.

 The company currently provides tech integration with insurance distribution capabilities to more than 300 insurers and 4,000 active distributors serving 2.5m customers across Europe.