UAE’s Mubadala leads $400m funding round for Berlin-based insurtech

LONDON: Wefox, a Berlin-based insurtech, has closed a $400 million Series D funding round led by Mubadala Investment Company, according to a Gulf Business report.

Eurazeo, LGT, Horizons Ventures, OMERS Ventures, and Target Global were among the other investors in the round.

Wefox, which is a fully licensed digital insurance company that sells insurance to intermediaries, has more than two million customers.

Wefox’s valuation has risen from $3 billion to $4.5 billion in a year, defying the current trend in the insurtech and tech sectors.