Taylor Wessing advises OMERS Ventures on US$650 million funding round in Wefox

Wefox Group, a Berlin-based insurtech start-up, has raised $650 million (about €533 million) in a Series C funding round, increasing its valuation to approx. $3 billion. The round was led by Target Global, as well as LGT from Liechtenstein and the Swiss Partners Group alongside existing investors, including OMERS Ventures, Mubadala Ventures, Merian Chrysalis, Samsung Catalyst Fund, Salesforce Ventures and Sound Ventures As in the Series B OMERS Ventures has been advised by the international law firm Taylor Wessing, led by Berlin partner Norman Röchert, on all legal aspects of the Series C financing round.

Wefox was founded in Berlin in 2015 and has roughly tripled its market value in the last two years alone. With the fresh capital, the insurance start-up plans to increase the level of automation of its products and make greater use of artificial intelligence. Further growth into other European countries is also planned: Wefox is currently active in Germany, Switzerland, Austria and Poland, with Italy, France and Spain to follow in the foreseeable future. In the long term, however, the US and Asian markets are also on the project agenda of the Berlin-based start-up.