Funding round
wefox Series C
wefox, which works in digital insurance platform development in Zurich, raised $650M in a Series C round announced on 1 Jun 2021, led by Target Global, at a $3.00B post-money valuation. 25 firms took part. It is wefox's second venture round on record; the one before was a Series B in Mar 2019.
$650M
Amount raised
$3.00B
Post-money valuation
$2.35B pre-money
25
Investors
1 lead
22%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced wefox at $3.00B after the new money. The $650M bought investors about 22% of the company. It came 27 months after wefox's Series B. It is 48% of the $1.35B wefox has raised in the venture rounds on record. wefox raised again 13 months later: a Series D round of $400M in Jul 2022, at $4.50B post-money.
wefox's funding rounds
wefox has 4 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Target Global led the round with 24 other firms.
Lead investor
- Target Global new investor
Also in the round
- backs 67 venture-backed companies new investor
- G Squared backs 40 venture-backed companies new investor
- backs 8 venture-backed companies new investor
- backs 4 venture-backed companies new investor
- backs 97 venture-backed companies new investor
- Eurazeo backs 103 venture-backed companies new investor
- Mubadala backs 42 venture-backed companies new investor
- Creditease new investor
- Salesforce Ventures backs 314 venture-backed companies new investor
- Speedinvest backs 186 venture-backed companies new investor
- backs 40 venture-backed companies new investor
- backs 17 venture-backed companies new investor
- backs 7 venture-backed companies new investor
- backs 112 venture-backed companies new investor
- Sound Ventures backs 114 venture-backed companies new investor
- backs 6 venture-backed companies new investor
- backs 22 venture-backed companies new investor
- Jupiter new investor
- backs 12 venture-backed companies new investor
- CE Innovation Capital new investor
- backs 29 venture-backed companies new investor
- Lightrock backs 62 venture-backed companies new investor
- EDBI backs 67 venture-backed companies new investor
- Decisive Capital Management SA new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
20 Series C rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $92M, and this round was 7.1 times the median. The closest in time, other companies' Series C rounds in Insurance - Agents, Carriers & Brokers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Insurance - Agents, Carriers & Brokers | 9 Jun 2021 | $100M | not disclosed | FTV Management Company |
| Kin Insurance Insurance - Agents, Carriers & Brokers | 10 May 2021 | $64M | not disclosed | Senator Investment Group and Hudson Structured Capital Management |
| Insurance - Agents, Carriers & Brokers | 26 Aug 2021 | $110M | $500M | Goldman Sachs Asset Management |
| Jerry Insurance - Agents, Carriers & Brokers | 10 Aug 2021 | $75M | $450M | Goodwater Capital |
| Insurance - Agents, Carriers & Brokers | 5 Aug 2021 | $55M | not disclosed | Apis Partners |
| Insurance - Agents, Carriers & Brokers | 10 Mar 2021 | $150M | $1.10B | DST Global |
| Pie Insurance Insurance - Agents, Carriers & Brokers | 25 Mar 2021 | $118M | not disclosed | Allianz X and Acrew Capital |
| Insurance - Agents, Carriers & Brokers | 10 Mar 2021 | $100M | $750M | Insight Partners |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did wefox raise in its Series C round?
wefox raised $650M in its Series C round, announced in Jun 2021.
Who led wefox's Series C round?
Target Global led it, with OMERS Ventures, G Squared, Mountain Partners, Merian Ventures and Horizons Ventures and 19 more.
What was wefox's valuation at the Series C round?
$3.00B post-money ($2.35B pre-money).
How does it compare with other Series C rounds in Insurance - Agents, Carriers & Brokers?
20 Series C rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $92M, and this round was 7.1 times the median.
Did wefox raise again after this round?
Yes: a Series D round in Jul 2022 of $400M at $4.50B post-money.