• InsurTech deal activity in Europe slumped from 30 deals in Q2 2022 to 24 transaction in Q3 with UK companies raising the highest number of funding rounds with seven, a 29% share of total deals.
• European InsurTech companies raised $459m in Q3 2022 which is a more than four-fold increase from Q2. However, wefox’s $400m skews the number with the deal accounting for 87% of European InsurTech funding in Q3.
• wefox, a Berlin-based digital insurer, had the largest InsurTech deal in Europe during Q3 2022, raising $400m in their latest Series D funding round led by Mubadala. The funding brings wefox’s post-money valuation to $4.5bn and the company intends to use the fresh capital for product development and expand across Europe and thereafter Asia and the US. wefox generated more than $200m in the first four months of business in 2022 and is well on target to reach more than $600m in revenue by the end of the year.
