European insurtech startup Wefox grabs $650m at $3b valuation

Wefox believes it can now iterate and generate more and more revenue as it scales — it just needs capital to reach the next level. “We’re tackling that $5.2 trillion industry that has been stuck in the pre-internet era. We nailed how to disrupt it in our core market,” Teicke said. But what makes Wefox different from legacy insurance companies? Wefox isn’t a direct-to-consumer insurance company. Most insurance products are still sold by agents and the startup believes this isn’t going to change anytime soon.

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