Berlin-based InsurTech wefox has raised $650 million of Series C funding, giving the company a valuation of $3 billion.

This is the largest Series C funding round for an InsurTech ever according to the company, and the valuation was almost double the $1.65 billion it achieved in its December 2019 funding round.

The company has around 600 employees, and reported over $140 million in revenues in 2020, serving consumers in five countries.

Wefox said it intends to hit $350 million in revenues in 2021.

The company said it intends to use the capital to expand into the US and Asia over the next two years, and to strengthen its presence in its existing markets such as Germany, Austria, Switzerland, and Poland.

The round was led by European venture capital firm Target Global, with participation from existing investors including OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, and Sound Ventures.

New investors in the round included LGT, Partners Group, Jupiter, and FinTLV.

“Our business has grown significantly over the past six years, and since the beginning we have consistently delivered strong year-on-year growth,” said Julian Teicke, wefox chief executive and founder. “This year we took several important steps, including unifying the business under one brand, expanding into Poland, and setting up a deep tech team in Paris.”

He added: “Within the next few years, we plan to expand our global footprint by increasing our presence in Europe and moving into both the US and Asian markets.”

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