Europe's most funded insurtech — $1.7 billion raised to prove that insurance can be digital and profitable at the same time. Wefox's hybrid approach (app + human advisors) is smarter than pure digital models because most Europeans still want to talk to someone about insurance. Revenue is approaching $1 billion. But the company has burned through cash and faced valuation pressure. The European insurance market is enormous and ripe for disruption. Whether Wefox is the one to do it — or just the most expensive attempt — is still an open question.
Founded
2015
HQ
Berlin, Germany
Total Raised
$1.7 billion
Founder
Julian Teicke
Status
Private — valued at $4.5 billion (2022, under pressure)
Website
www.wefox.comTHE ORIGIN STORY
Julian Teicke believed insurance in Europe was stuck in the 1990s — paper forms, phone calls, opaque pricing. He built Wefox as a digital insurance platform that works through both a direct consumer app and a network of insurance advisors who use Wefox's technology.
The hybrid model (digital + human advisors) differentiates it from pure digital insurtech like Lemonade.
WHAT THEY ACTUALLY DO
Insurance premiums and broker commissions. Wefox sells home, auto, pet, and liability insurance through a digital platform.
Revenue from insurance premiums (as an underwriter) and broker commissions (as a distributor). Also licenses its technology platform to other insurers.
Revenue approximately $800 million in 2024.
THE PRODUCTS
Home Insurance, Car Insurance, Pet Insurance, Liability Insurance, Wefox Advisor Platform (for insurance brokers), Wefox Business Technology (B2B insurance platform), Claims Management.
HOW THEY GREW
Focusing on core European markets (Germany, Switzerland, Italy, Poland) and reaching profitability. Wefox is building its own insurance products (underwriting risk directly) rather than just distributing others' products.
Also expanding the B2B technology licensing business — selling its platform to other insurers.
THE HARD PART
Profitability pressure and valuation reset. Wefox raised at a $4.5 billion valuation in 2022 but faced growing losses and had to restructure.
Insurance requires massive capital reserves. The company has pivoted multiple times — from broker platform to full-stack insurer — and the path to profitability has been longer than expected.
WHO BACKED THEM
Mubadala Investment Company, Target Global, Horizons Ventures, Salesforce Ventures, OMERS Ventures
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