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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.

“Unlike most direct to consumer insurtechs, wefox acts as an ecosystem enabler, empowering the various distribution channels instead of competing with them,” said head of Mubadala Ventures Ibrahim Ajami.

“This model has allowed wefox to scale quickly and sustainably, providing brokers and customers alike a platform that seamlessly digitises the insurance market,” Ajami added.

“This new valuation of $4.5 billion is a clear validation of our business model, which focuses on indirect distribution via agents rather than direct. This makes our business one of the most credible insurtechs in the market right now. We continue doubling our revenues with last year reaching $320m” CEO and founder of wefox Julian Teicke said.

Teicke continued: “Within the first four months of this year wefox generated more than $200m in revenues, which keeps us on track to achieve our revenue target of $600m by the end of 2022.

“Wefox now has more than two million customers and we aim to reach three million customers by the end of this year. It is further proof that wefox is trusted and testament to our focus on prediction and prevention, rather than the traditional approach of repair and replace.

“We are making insurance 10 times better through technology. As a result, our customer experience is simple and fit for purpose for the way we live today.”