wefox, a Berlin-based insurtech, has closed a Series D funding round of $400 million – comprising equity and debt – and increasing its post-money valuation to $4.5 billion in the process.
Mubadala Investment Company led the equity raise with participation from Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global.
The round sees wefox increase its valuation from $3 billion to $4.5 billion in 12 months, bucking the trend currently experienced in the insurtech market and more broadly across the tech sector.
wefox intends to use the funding for product development and expand across Europe and thereafter Asia and the US.
