151 million euros for the Berlin startup Wefox

After restructuring and changing management, Wefox receives 151 million euros in fresh capital to expand his business in Europe.

The struck Berlin insurance startup Wefox has collected fresh capital-and not too short: a total of 151 million euros flow into the company.

According to the company, the sum is made up of a capital increase of over 76 million euros, mostly by alt investors such as Target Global and Chrysalis, as well as the refinancing of a credit line over 75 million euros by Searchlight Capital Partners.

The financing follows an extensive restructuring program, within the framework of which Wefox sold his subsidiaries in Liechtenstein and his companies in Italy and left the German market.

With the new capital, the company wants to expand its activities in Austria, the Netherlands and Switzerland and drive the changed business model forwarding, which binds less capital and relies on digital services.

After a record series B round: Change of focus and leadership

In 2015, Wefox was founded by Julian Teicke, Dario Fazlic and Fabian Wesemann with the aim of making the insurance industry more digital and efficient. The vision convinced numerous investors: the founding team collected over one billion dollars in several rounds.

WEFOX achieved a milestone with his Series B financing in 2019: At that time, $ 125 million flowed into the company-the largest financing round for an insurance startup in Germany. Shortly afterwards, the round was expanded by another $ 110 million. As a result, the startup was rated around 1.5 billion euros and was the first German Insurtech to rose to the unicorn.

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In the summer of 2024 there were internal disputes. Decisions were also made on controversial personal details. According to WEFOX announcement, Mark Hartigan was again elected to the Board of Directors. This was preceded by attempts by the founders to push Hartan out of the committee – apparently also because of its alleged sales plans. As the Daily Mail wrote, Hartan should receive a bonus of £ 20 million in the event of a company sale.

In the course of the further reorganization, Joachim Müller, former manager at Allianz, took over the role of CEO in September 2024. The board of directors was also filled – including Müller himself and Prateek Puri from Searchlight Capital Partners. The founders Teicke, Wesemann and Fazlic lost their seats on the board of directors.

Adaptation of the evaluation

According to the manager magazine, the company's assessment was around 500 million euros in December 2024. For comparison: At the beginning of 2023, Wefox was still rated $ 4.5 billion. In total, more than 1.5 billion euros have flowed into the Insurtech in recent years.