The funding now has a total volume of $918 million. With the new investment, Wefox, which is already operating in Germany, Austria, Poland and Switzerland, plans, among others, further foreign expansion – starting with the launch in Italy before the end of this year. Wefox had already attracted international attention in 2019 when the company raised a total of $235 million from investors in two steps.
Wefox Insurance, founded in 2015, is a digital real-time insurer focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance with more than 600 employees in eight offices in Europe. Brokers can conclude paperless insurance policies for their clients within a few minutes. Claims are filed digitally and settled on the same day in over 60% of cases. Policies are available in Germany, Poland, and Switzerland. Wefox’ partners include Munich Re and the software group Salesforce. In addition to Lightrock/LGT, further global investors such as Target Global, OMERS Ventures, G Squared, Salesforce Ventures, Merian, Mubadala Capital, Speedinvest as well as Horizons have invested in Wefox.
Lightrock has been a pioneer in impact investing – its activities were initiated by the Princely House of Liechtenstein in 2007 and are backed by LGT, the international private banking and asset management group. LGT, headquartered in Vaduz in the Principality of Liechtenstein, is a leading international private banking and asset management group, which has been fully controlled by the Liechtenstein Princely Family for over 90 years. The group manages assets of more than US$272.4 billion for wealthy private individuals and institutional clients. LGT employs over 3,800 people in over 20 locations in Europe, Asia, the Americas and the Middle East.
Milbank advised Lightrock and LGT on corporate/M&A aspects of the transaction. The Milbank team was led by partner Dr. Peter Nussbaum and special counsel Dr. Michael Pujol and included the associate Dr. Christina Beck (all Corporate/M&A, Munich).
Milbank LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York over 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank’s lawyers collaborate across practices and offices to help the world’s leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives. To learn more about Milbank and its attorneys, please visit www.milbank.com or follow us on LinkedIn, Twitter and Instagram.
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