Wefox, an InsurTech specialising in smart insurance distribution and MGA services, has raised €151m to support its new growth strategy.
The funding includes a €76m capital raise from existing investors and €75m in refinancing from Searchlight Capital Partners’ credit fund.
Wefox provides technology-driven insurance distribution, working with brokers and insurers to deliver digital MGA services and retail insurance under brands like TAF in the Netherlands.
The fresh funding will help wefox strengthen its positions in Austria, the Netherlands and Switzerland, and expand its MGA and smart insurance distribution internationally.
The company has also reshaped its board following the refinancing, with Searchlight partner Prateek Puri and wefox CEO Joachim Müller joining, while Julian Teicke, Fabian Wesemann, Dario Fazlic and Nikolaus Frei have stepped down.
wefox CEO Joachim Müller said, “Changing customer needs, new regulatory requirements, and new technological capabilities are transforming the insurance value chain. Our strengths and our focus on MGA and smart distribution services make us an attractive partner for risk carriers and downstream brokers. We believe that our compelling offering and our smart, asset-light business model will create value for our customers, our business partners and our investors. I would like to express my gratitude to my team and all employees who have contributed to our successful transformation, as well as our investors for their continued trust and support. I would also like to thank the outgoing board members for their support and collaboration, and I look forward to working with Prateek on the board.”
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