Mubadala has decided to go on a spending spree in the eurozone. It has been announced that wefox, the Berlin-based insurtech company has raised $400 million in its most recent funding round – with the Abu Dhabi wealth fund Mubadala leading the pack. A press release explained that the recent injection of cash raised the company’s post-money valuation to $4.5 billion.

As well as Mubadala the equity raise included Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global. wefox has seen its valuation jump from $1.5 billion to $3 billion within the space of 12 months bucking the trend of its tech counterparts. Founded in 2015, wefox sells various insurance products through a combination of in-house and external brokers, bypassing the direct-to-consumer model. wefox intends to use the funding for product development and expand across Europe and thereafter Asia and the US. Currently, it operates in five European countries. 

According to CEO Julian Teicke, the insurtech company doubled its revenues last year reaching to $320m and has generated $200m+ in revenues within the first four months of 2022, keeping itself on track to achieve its revenue target of $600m by the end of the year. With its accelerated financial growth, no wonder why Mubadala added the insurtech to its portolio. Unlike most direct-to-consumer insurtechs, wefox acts as an ecosystem enabler and its model has allowed wefox to scale quickly and sustainably.