German digital insurer Wefox said Wednesday it raised $110 million of fresh funding from backers including JPMorgan and Barclays.
The news marks a vote of confidence for the insurance technology space at a time when it faces tough macroeconomic headwinds.
Wefox is a Berlin, Germany-based firm focused on personal insurance products, such as home insurance, motor insurance and personal liability insurance. Rather than underwriting claims itself, the company connects its users with brokers and partner insurance firms through an online platform.
Founded in 2015, it competes with the likes of U.S. digital insurer Lemonade and German firm GetSafe, as well as established insurance incumbents like Allianz
Read More : JPMorgan and Barclays Invest $4.5 Billion in Wefox, the Insurance Tech Powerhouse