Insurance technology startup Wefox has raised $110 million in funding from investors, including Barclays and JPMorgan, with the two banks contributing half of the total funding via a revolving credit facility. The remaining $55 million came from an equity investment spearheaded by investment management platform Squarepoint Capital.
The latest funding round also saw Wefox retain its $4.5 billion market capitalization from its previous fundraiser, reflecting backer confidence in the insurance technology space amid macroeconomic constraints. Wefox CEO Julian Teicke believes the company is "crisis-resistant" and expects to attain profitability by the end of 2023, with a focus on broker partnerships and investment in artificial intelligence.
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