Wefox secures 151 million euros in funding to boost asset-light strategy

By Ashish Tiwari

July 7 - (The Insurer) - Wefox has secured 151 million euros of funding to help facilitate its strategic shift towards an asset-light managing general agent model and expand its business across key regions, the company said on Monday.

The new financing includes a 76 million euro equity injection, primarily from existing shareholders, and a 75 million euro refinancing package from the Searchlight Opportunities Fund II, managed by U.S.-based Searchlight Capital Partners.

The new funding would support its drive towards profitability in 2025, and would help focus on its positions in Austria, the Netherlands and Switzerland, Wefox said.

Founded in 2015, Berlin-based Wefox connect insurers, brokers and consumers, allowing them to buy insurance, change policies and settle claims online.

Former Allianz Global Corporate & Specialty CEO Joachim Müller was appointed as CEO in September 2024, replacing Mark Hartigan, who had served as both chairman of the board and interim CEO during the recent restructuring. Hartigan continues as chairman.

The restructuring had Wefox sell off its Liechtenstein-based insurance carrier to a consortium of Swiss companies led by pension service provider Berag and unveil plans to withdraw from its domestic German market.

Other actions taken include the sale of Wefox's Polish portfolio and closure of its technology hubs in Spain and France as it refocuses on markets where it has profitable operations of critical size.