Wefox’s $650 Million Series C Financing Round

GSK Stockmann has advised venture capital investor Target Global on the deal. Milbank LLP represented Lightrock and LGT. Taylor Wessing advised OMERS Ventures. White & Case LLP advised wefox in the transaction.

German startup Wefox has raised a $650 million Series C funding round led by Target Global. Following this funding round, the company has reached a post-money valuation of $3 billion.

The wefox is a rapidly growing German-Swiss start-up with operational headquarters in Berlin. Founded in 2014, this technology company unites under its umbrella both the innovative insurance platform wefox, a marketplace for the digital conclusion of insurance policies, and the first purely digital insurance company wefox Insurance, which maps complete insurance coverage digitally via app. wefox is Europe’s leading neo-insurer, with some 400,000 users and around USD 143m in turnover for the 2020 business year.

wefox plans to deploy this funding over the next two years towards strengthening its presence in existing markets, making numerous insurance distribution acquisitions on the international level, further internationalising its non-life insurance carrier, and building up its life insurance division.

Target Global was the lead investor in this financing round. Further backers included existing investors such as OMERS Ventures, G Squared, Merian, Horizons Ventures, Eurazeo, Mubdala Capital, Salesforce Ventures, Speedinvest, CE Innovation Capital, GR Capital and Seedcamp. Newly added investors were FinTLV, LGT, Partners Group, EDBI, Jupiter, UBS and Decisive.

As a venture capital investor, Target Global focuses primarily on fast-growing innovative tech companies and makes investments at various phases. Target Global accompanies the companies in its global portfolio up to their IPOs, strategic mergers, and acquisitions, with the AUTO1 Group being the latest example.

The GSK Stockmann team included Katy Ritzmann (Picture – VC, IP/IT, lead), Timo Bernau (insurance supervisory law); Associate: Dennis Gehnen (VC).

The Milbank team was led by partner Peter Nussbaum and special counsel Michael Pujol and included the associate Christina Beck (all Corporate/M&A, Munich).

The Taylor Wessing team included Dr. Norman Röchert, Dr. Christian Ahrendt, Moritz Meyer-Bruhns and Felix Paul.

The White & Case team which advised wefox on the transaction was led by local partner Sebastian Pitz (Frankfurt) and partner Stefan Bressler (Frankfurt and Hamburg) and included partners Thilo Diehl, Gernot Wagner, Jost Kotthoff, Andreas Lischka and Bodo Bender (all Frankfurt), local partner Sebastian Stütze (Hamburg), counsel Sascha H. Schmidt (Frankfurt) and associates Agmal Bahrami, David Smith, Heinrich Nemeczek, Marco Siemers and Anna Dold (all Frankfurt).

The wefox in-house legal team was led by Hilmar Hamm, Head of Legal Corporate, Lina Muellenberg, Head of Legal Commercial and Georg Dirschmid, General Counsel, and included Ángel Moraleda, Michal Szczepaniak and Jan Sienicki, all Legal Counsel.

Involved fees earner: Timo Patrick Bernau – Gsk Stockmann; Dennis Gehnen – Gsk Stockmann; Katy Ritzmann – Gsk Stockmann; Christina Beck – Milbank LLP; Peter Nussbaum – Milbank LLP; Michael Pujol – Milbank LLP; Christian Ahrendt – Taylor Wessing; Moritz Meyer-Bruhns – Taylor Wessing; Felix Paul – Taylor Wessing; Norman Röchert – Taylor Wessing; Agmal Bahrami – White & Case; Bodo Bender – White & Case; Stefan Bressler – White & Case; Thilo Diehl – White & Case; Anna Dold – White & Case; Jost Kotthoff – White & Case; Andreas Lischka – White & Case; Heinrich Nemeczek – White & Case; Sebastian Pitz – White & Case; Sascha Schmidt – White & Case; David Smith – White & Case; Sebastian Stütze – White & Case; Gernot Wagner – White & Case;

Law Firms: Gsk Stockmann; Milbank LLP; Taylor Wessing; White & Case;

Clients: LGT Bank Liechtenstein; Lightrock; Omers Ventures; Target Global; wefox Holding;

Author: Federica Tiefenthaler