Wefox raised a $650 million Series C funding round led by Target Global.

wefox, a Berlin, Germany-based insurance company selling personal insurance products, announced that it raised a $650 million series C funding round.

The money was raised from a range of investors led by Target Global of Germany, in a post-money valuation of $3 billion.

The round was contributed to by existing investors including OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, and Sound Ventures. New investors include LGT, Partners Group, Jupiter, and FinTLV.

The proceeds will be used for expanding into the US and Asia within the next two years while strengthening its presence in its existing markets in Germany, Austria, Switzerland, and Poland.

wefox, founded in 2015 by CEO Julian Teicke and founders Fabian Wesemann, and Dario Fazlic, is a fully licensed digital insurance company that sells insurance through intermediaries and not directly to customers, which the company says it makes a difference on the path to profitability. It also says that it operates with a loss ratio supported in large part by its straight-through-processing (STP) of more than 80%, and a central product factory that swiftly distributes new products to the market due to its full stack insurance technology.

wefox previously raised more than $300 million, with an announcement of a financing of €100 million in debt and equity secured in 2020. The company produced revenue of $143 million in 2020.