wefox, the Berlin-based digital insurance company has raised a record US$650 million for its Series C funding round led by Target Global, resulting in a post-money valuation of US$3 billion.

This round is the largest for an insurtech globally and one of largest series C rounds ever recorded. wefox intends to invest the proceeds in strengthening its presence in existing markets and expanding globally within the next two years.

Julian Teicke, CEO and founder of wefox, said: “We’ve grown our business significantly over the last six years since we launched and we have delivered strong year-on-year growth. This year we took several important steps, such as unifying the business under one wefox brand, expanding into Poland, and setting up a deep tech team in Paris. Within the next few years, we will expand our global footprint, increase our presence in Europe, and move into both the US and Asian markets. wefox will become the leading personal insurance company within the decade.”

“We have set out to improve the customer experience for both our advisors and our customers through technology to increase customer satisfaction, reduce customer acquisition costs, increase cross-selling, and decrease churn.”

“This is why wefox has built a huge network of advisors across Europe. We believe that insurance is all about people, and we believe that technology is an enabler and should not replace the human connection”, added Mr Teicke.

wefox is a fully licensed digital insurance company that sells insurance through intermediaries and not directly to customers, which has resulted in significant growth with a clear path to profitability.

wefox continues to deliver 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.