Home » WEFOX CONTINUES INVESTMENT IN AI AND INNOVATION WITH THIRD TECH HUB OPENING
wefox, the world’s leading insurtech, is continuing its investment in AI and innovation with a new tech hub opening.
Based in Milan, Italy, the tech hub is the third of its kind for the business. The other two are based in Paris, France and Barcelona, Spain. The latest hub will focus on AI to accelerate the wefox strategy. The team will build and deploy cutting edge innovation that continues to break trends in insurtech and disrupt the insurance industry whilst endorsing wefox as a significant tech player.
Sergi Baños, Chief Technology Officer at wefox, said: “I am excited by the synergy our customers and business partners will enjoy as a result of the expansion of our tech strategy and the opening of our new tech hub in Milan. We have proved already that AI helps us to increase product innovation, it increases productivity for our brokers, and it reduces fraud. In Milan, we will invent and build new technology to accelerate our embedded insurance products through our affinity partnerships.
“To be able to open our third tech hub off the back of our recent series D fundraising round of $400mn and our post-money valuation of $4.5bn – which is a 50% increase from our valuation last year of $3bn – is a real testament to our business strategy and discipline. We are reimaging insurance through technology. We are helping to keep people safe and prevent risk. We are making insurance 10 times better.”
The new tech hub will employ a team of highly skilled tech experts. wefox has grown the business from 650 people in 2021 to more than 1600 today.
wefox was founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic. wefox is a full-stack insurtech driven by a single purpose: to make insurance 10 times better by reinventing insurance at scale through technology. wefox is the parent company of wefox Insurance, which is the in-house regulated insurance carrier.
In July 2022, wefox closed US$400m series D funding round at a post-money valuation of US$4.5bn. In June 2021, wefox closed a world record series C investment round for an insurtech of US$650m with a post-money valuation of US$3bn. Today, wefox is the most valuable insurtech in the world.
Since launching in 2015, the company has doubled its revenues every year to reach US$300 million in 2021 and has grown to 1,600 people serving more than 1,5m customers across Austria, Germany, Italy, Poland and Switzerland where wefox currently operates.