Wefox secures 151 million euros

(CONNECT) The Zurich-based insurance platform wefox Holding AG has secured funds amounting to 151 million euros, according to a Communication means. EUR 76 million of this is a capital increase, which is mainly provided by existing investors, and EUR 75 million is the refinancing of a loan by Searchlight Capital Partners' Searchlight Opportunities Fund II credit fund.

Wefox is using the funds to expand its market positions in Switzerland, Austria and the Netherlands. The company is also further developing the business area of services for insurance companies (managing general agent business, MGA) and intelligent insurance operations. Wefox is active in private customer sales in Switzerland and is continuously expanding its customer offering in order to provide customers with comprehensive insurance advice, according to the company.

"Our strengths and our focus on MGA services and intelligent distribution make us an attractive partner for risk carriers and brokers alike. We are convinced that we will create added value for our customers, business partners and investors with our attractive offering and our intelligent, low-capital-intensive business model," comments Joachim Müller, CEO of wefox Holding AG.

The financing follows the sale of Liechtenstein-based wefox Insurance AG and the Italian companies wefox MGA S.r.l and wefox Services Italy S.r.l. According to the press release, the funds will enable wefox to return to profitability in the 2025 financial year. The Board of Directors also has new members. Prateek Puri and Joachim Müller are new, while Julian Teicke, Fabian Weselmann, Dario Fazlic and Nikolaus Frei are leaving. ce/yes