Insurtech giant WeFox on Target for $250m capital injection
Summary
One of Europes biggest insurtech companies is closing in on a sizeable capital injection that is expected to see its valuation soar to around $2bn. Sky News has learnt that WeFox, which is based in Berlin, is in advanced talks to raise roughly $250m from a syndicate of investors. Sources said on Thursday that Target Global, a German-headquartered fund which has backed start-ups such as Delivery Hero and the ride-hailing app Lyft, was expected to lead the round with a $100m investment. Set up in 2015, WeFox has 500 employees and a customer base across Europe, including the UK, of more than 500,000 people. A WeFox spokesman said its funding round had yet to be concluded, adding that it would be "inappropriate to comment on confidential discussions".