WeFox initially started its insurance business as FinanceFox in 2014, but who could have predicted that the company would be leading the transformation in the modern insurance industry? With his other founding members, Founder and CEO Juliean Teicke has made this revolutionary solution possible.
Our Fintech50 team has collected information on how WeFox has used modern technology to provide insurance to help brokers, customers, and traditional insurance firms evolve. Moreover, the company has not stopped attracting investors, thriving on customer satisfaction while its expansion into other parts of Europe has not halted.
WeFox: How It Started
In 2014, six people came together with a common goal- to reshape the way the insurance industry operates. At this time, traditional insurance institutions were still holding on to their archaic methods. Responsive risk assessment, prevention, and digitisation were not a thing, and this was slowing down the growth of the insurance industry.
Led by Juliean, WeFox launched in Switzerland. Although the company now has its headquarters in Berlin, Germany, WeFox started for insurance agents in Zurich on a small scale. In October 2017, WeFox expanded into Austria, slowly broadening its horizon into other parts of Europe. Today, WeFox is recognised as the number one Insurance Technology firm in Europe. With eight offices, over 1,000 employees, and advisors, WeFox makes insurance simple and ten times better.
The Road to Unicorn Status
At Fintech50, we do not believe it is an easy task for a company to reach a unicorn position. However, WeFox has been able to get to that height. Thanks to the value it provides, the grit of its founders, and the hard work of its employees. So, was the journey challenging? Did it take a long while? Find out as we take you through the fundraising and growth process of the company.
In 2019, when the company made about $100 million in revenue, it raised another $110 million. This funding was its second funding round after an initial $125 million. This Series B funding round was led by venture capital giant- OMERS ventures. Other top investors included China’s CreditEase, Salesforce Ventures, Abu Dhabi’s Mubadala, and Spain’s VC Mundi Ventures.
The biggest break to its present status did not happen until 2021. The company’s Series C funding round raised a whopping $650 million led by Target global. The incredible funding round represented the most significant investment in an Insurance technology company.
Leveraging on financial technology, WeFox now operates in several countries, including Germany, Austria, Poland, and Switzerland. With over 2,300 brokers and 500,000 customers, WeFox policies are helping to lead insurance provision for individuals, households, and large firms in Europe. In recent news, CEO Juliean Tiecke says WeFox plans to expand into the US and some parts of Asia.
WeFox Insurance: Projections for the Future
According to Forbes, the insurance industry might be the most important in building the next digital ecosystem. Consumer behaviour is also changing, and customers continue to look for the easiest way to digitise their needs. The media giant predicts that WeFox might lead the way for this revolution. With the company at a valuation of $1 billion, WeFox’s future in InsurTech looks prime for success. At Fintech50, we also agree that this company’s value to users is indispensable.
For more examples of successful companies worthy of being in the top 50, check our complete Fintech50 list for the hottest competitors in the fintech and crypto industry.