![]() We believe Wefox Group’s approach to revolutionizing insurance – empowering the consumer and prioritizing solutions for secured data-driven experiences – will deliver significant value for the entire trade. Wefox is active in Germany, Austria, Switzerland and Spain, and I understand has quietly launched in Italy.Īdds Henry Gladwyn, principal at OMERS Ventures, in a statement: “We are thrilled to continue our support of Julian and the incredibly ambitious Wefox Group team as they continue to disrupt and re-invent the insurance industry. Meanwhile, Teicke says the new funding will be used to continue ramping up international expansion in 2020. ![]() He pinned that on Wefox’s use of data, which, he says, enables One to understand risk in a much more technology-driven and granular way. Perhaps more significantly, Teicke says One’s loss ratio (what percentage of premiums earned is subsequently paid out in claims) is below 40%, which is much better than the industry as a whole. It also claims to be Germany’s fastest-growing provider for household and private liability insurance. “That sucks,” he tells me, revealing that it was only this summer when the company was smaller that he won a company-wide bet for being able to do just that.īreaking Wefox Group’s revenue down further, the company’s direct to consumer insurance brand, One Insurance, has increased annual revenues by nearly tenfold this year, to $30 million. He also revealed that the company has grown to 400 employees, which, he says means he can no longer remember every employee’s name. In a call, Wefox co-founder and CEO Julian Teicke told me the Wefox Group has grown revenues to over $100 million, and now services more than 500,000 customers, claiming that this makes it Europe’s “leading insurtech.” Wefox’s other existing investors include Target Global, Salesforce Ventures, Seedcamp, Idinvest and Hollywood actor Ashton Kutcher’s investment vehicle, Sound Ventures. Uber says it is buying alcohol delivery startup Drizly for 1.1B in cash and stock Drizly co-founder and CEO Cory Rellas is expected to remain with Uber Uber on Tuesday announced an agreement to buy Drizly, a Boston-based alcohol delivery startup, for 1.1 billion in cash and stock. It follows an earlier Series B of $125 million in March, led by Abu Dhabi government-owned Mubadala Ventures, with participation from Chinese investor CreditEase. Merian Chrysalis, Samsung Catalyst Fund and Mundi Ventures also participated, along with existing investors. The Series B extension is led by OMERS Ventures, the venture capital arm of Canadian pension fund OMERS. Wefox Group declined to comment on the financials. Sources tell TechCrunch that this gives the company a pre-money valuation of $1.65 billion. ![]() Divvy 110m seriesann series#ĭivvy Homes announced a $110 million Series C equity funding round to ensure millions of Americans can access the country's primary wealth-builder: homeownership.Wefox Group, the Berlin-based insurtech startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox, is disclosing $110 million in a second tranche of Series B funding. Led by Tiger Global Management, with participation from GGV Capital, Moore Specialty Credit, JAWS Ventures, and existing investors, the round brings the total debt and equity capital Divvy Homes has raised to over $500 million.įounded in 2017, Divvy supports future homeowners by purchasing a home on their behalf and renting it back to them while they build equity in the property. By creating this new category, Divvy provides a bridge from renting to owning that allows the average American household to build towards homeownership in a more affordable and flexible manner. Divvy’s mission became even more crucial during COVID-19, when economic volatility caused the housing market to become increasingly challenging to access. 2, 8 p.m.: Rent-to-own startup Divvy Homes has raised 110 million to meet a wave of demand from customers who cannot secure a traditional mortgage. “At the start of the pandemic, we made a commitment to help and support as many future homeowners as possible,” said Adena Hefets, co-founder and CEO of Divvy Homes. “During COVID-19, new mortgages became difficult to secure as banks tightened underwriting requirements for approvals. As a result, families were locked out of homeownership opportunities during a global pandemic-a time when they needed safety and shelter most.
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