The №1 Insurtech in Europe Only Just Begun to Change the Insurance World.
Not that much time has passed since wefox Group (wefox & ONE Insurance), the Berlin-based insurtech, has closed a record $125 million Series B funding round (March 2019). I am very happy to announce that wefox Group has increased its Series B funding to $235 million after closing an additional $110 million led by OMERS Ventures, Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures, and existing investors.
The wefox Group is now the number one insurtech company in Europe and, of course, we are all very happy with the recognition this series B funding round brings. However, I believe what really drives and always did motivate everyone at wefox Group is the possibility to change the insurance industry by deploying great technology solutions and an extreme customer focus.
“We knew that technology would play a critical role in reshaping the relationship between customers and the insurance companies of the future. With one eye on the emergence of the fourth industrial revolution, we knew that insurance was ready for innovation and ready to allow us to restore its original purpose: enabling people to be safe,” says Julian Teicke, the co-founder and CEO of wefox Group.
The wefox Group’s executives never lose sight of its core business model goal as they deliver year-over-year strong revenue growth together with providing a strong value proposition for all players, in essence creating a profitable, sustainable business with a true win–win proposition for its clients.
“Launching motor insurance successfully is a big step towards the ONE policy. Our vision is that every customer only signs one policy with us in his or her life. This policy then adjusts to your life dynamically,” says Oliver Lang, the CEO of ONE Insurance.
wefox’ core strategy has always been to change the insurance game by positioning itself to build value for everyone in the ecosystem rather than simply “disrupting” the industry, like other tech companies that have created winners and losers.
The wefox Group — and the whole insurtech industry — believe that the insurance sector is ripe for huge changes for years to come with superior solutions in the B2B (business-to-business) as well as in the B2C (business-to-consumer) sectors. The wefox Group is committed to delivering great solutions for its clients, and we can already say now that wefox has big business growth announcements planned for 2020.
The growth success that the wefox Group enjoys also has to do with the inspiring leadership of Julian (Teicke), and the fantastic work by the co-founders, executives at wefox & ONE Insurance, and the teams that make the successful execution of their insurtech business strategy all possible.
Since launching in 2015, wefox Group (wefox and ONE Insurance) has grown its sales to over $100 million and its staff to nearly 400 employees serving more than 500,000 customers in six countries, making it Europe’s number one insurtech platform. ONE Insurance is now the fastest-growing insurance company in Europe, having increased its ARR of $2.5 million in June to end the year at about $30 million. Both entities of the wefox Group show clearly that the management and teams execute on their growth strategy.
wefox Group also has a strong and committed strategic investor base with names such as OMERS Ventures, Merian Chrysalis, Samsung Catalyst Fund, Mundi Ventures, Mubadala Ventures, CreditEase, Target Global, Idinvest, Horizons Ventures, Speedinvest, Seedcamp and Ashton Kutcher’s firm Sound Ventures to support their insurtech journey to change the insurance industry.
Whenever I am at the wefox Group headquarter in Berlin — or in any of their European offices — I feel the energy and passion of everyone present to give their all to make a difference and change how the insurance industry is perceived and experienced. Their success is very much based on their inspiring company culture that emphasizes the personal growth of each team member. Julian Teicke and the great management team spend a lot of their time thinking about how to maintain a personal growth culture for their employees.
The wefox Group executives are always aware and make their highest priority the nurturing of a personal growth culture in a diverse and inclusive working environment. The goal is to keep great people with the company and attract their friends and other people of different backgrounds, experiences and mindsets. The people wefox Group wants to attract have something very important in common: they want to make a true difference in their lives and for the company they invest so much passion and precious time in.
I still have a vivid memory of the fireside chat Julian and I had at the Money20/20 Europe conference in Amsterdam this June. When I looked at him as he spoke about wefox Group and its strategy and vision to grow, I saw his bright eyes, face and body telling everything there was to know about leading a successful startup. His deep passion takes you — team, investors, customers and listeners — into believing in the wefox growth journey and in the many exciting future insurtech solutions still to come. It was not only what he said that inspired but also how his enthusiasm was so contagious that I am certain most people in the fireside chat audience want to be part of the wefox story.
Julian Teicke & Spiros Margaris at Money20/20 Europe (2019)
So, the wefox successful funding round reflects the achievements of delivering great insurtech offerings and executing on its strategy and is another strong sign that the insurtech industry is here to stay and prosper. The series B funding announcement is a piece of the puzzle that one day will give us all a clearer and bigger picture of wefox Group’s journey. It is the journey, not the destination that matters, and wefox is here for a long great journey.
I want to finish my article thought inspired by the quotation, “I love you more than yesterday, but less than tomorrow.” I believe my closing statement reflects the wefox Group leadership and team’s deep commitment and promise to all of us.
“We are better today than yesterday, but less than tomorrow.”
Spiros Margaris: Venture Capitalist, Margaris Ventures & wefox Group Senior Advisor. Ranked Global №1 Fintech, AI, Blockchain — The Triple Crown — & №2 Insurtech Influencer by Onalytica
Article was first published on medium on December 11, 2019
For full disclosure, I am a senior advisor to the wefox Group and am also a big fan of the team’s continuing great work.