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Wefox invests in Austria

CEO Julian Teicke © Wefox

The Berlin insurance startup Wefox has been actively operating in Austria since 2017.

In its second round of financing, the startup generated record proceeds of USD 125 million (about EUR 110 million). A significant share of these investments will be made in Austria. The main investor in the latest financing round is the Mubadala Investment Company of the state funds of Abu Dhabi. Founded in 2014, the Wefox Group brings together more than 1,500 insurance brokers and more than 400,000 customers on its platform. According to the company, revenue recently rose to USD 40 million (EUR 35.3 million).

The objective of the Wefox Group is to bring together all insurance companies in the world on one platform and to become the largest insurer, said Wefox founder Julian Teicke. The new investments will be used to expand to other markets and further develop the core technology, which also makes use of artificial intelligence

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Located in the heart of Europe, Austria offers an optimal base for our internationally orientated business. The great funding options as well as the support of institutions such as ABA – Invest in Austria and the Vienna Business Agency have turned out to be real USPs for the business location Austria. More and more skilled workers are drawn to Austria, because of it’s high living standard. This has helped us tremendously finding highly qualified employees for our company. We feel right at home within the steadily growing international ecosystem and easily built a network with local parties. One can feel the spirit and the will to grow into a bigger startup hub like Germany or Sweden. We hope, that by sharing our positive experiences, we can help attract more global talent to come to Austria.

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