Insurtech wefox targets Asia expansion after latest funding round

It raised $400m in a Series D funding round

An Asia expansion is one of the targets of Berlin-based insurtech wefox after it raised $400m in a Series D funding round led by Mubadala Investment Company with participation from Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global.

The newest funding round saw its valuation increase to $4.5b.

Wefox said it will use the fresh funds for product development as well as a planned expansion across Asia, Europe, and the US.

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Wefox is a fully licensed digital insurance company that sells insurance through intermediaries and not directly to customers. It has over two million customers and aims to reach three million by the end of the year.