German insurtech Wefox secures $55m debt financing from Deutsche Bank and UniCredit
Berlin-based insurtech Wefox has raised $55 million in debt financing from Deutsche Bank and UniCredit at an unchanged valuation of $4.5 billion.
Wefox raises $55 million in debt financing
The deal was structured as a convertible debt agreement, reports CNBC, which first broke the news. The latest financing follows the insurtech securing a $55 million credit facility from JP Morgan and Barclays and an additional $55 million in equity funding in May this year in an extension of its $400 million Series D funding round from 2022.
The fresh debt financing will be used to fuel Wefox’s global expansion efforts with a focus on mergers and acquisitions, anonymous sources tell CNBC, alongside boosting its investments in artificial intelligence (AI).
Confirming the news in a LinkedIn post, Wefox CEO Julian Teicke says the financing marks a “significant affirmation” for the firm as it continues on the path towards “profitable growth”.
Founded in 2015, Wefox is a full-stack digital insurance company that sells insurance through intermediaries and not directly to customers.
