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Wefox secures convertible loan worth EUR 25 million for restructuring
InsurTech: Personal Lines
Jun 27, 2024
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InsurTech: Personal Lines

InsurTech: Personal Lines

Jun 27, 2024

Wefox secures convertible loan worth EUR 25 million for restructuring

Funding

  • Wefox, a German digital auto and home insurer, raised EUR 25 million (~USD 27 million) in a convertible loan round led by Chrysalis Investments and Target Global. This brings Wefox's total funding to over EUR 1.6 billion (~USD 1.7 billion).

  • The funds will be utilized to support Wefox's restructuring efforts, which include 1) replacing CEO Mark Hartigan by the end of 2024 and 2) exploring the potential sale of its e-bike insurance subsidiary, Assona, to raise at least EUR 50 million (~USD 53.8 million).

  • Analyst QuickTake: Wefox has been facing financial difficulties, losing over EUR 100 million (~USD 107.3 million) in 2023, with projected capital needs of up to EUR 70 million (~USD 75.3 million) in 2024. In May 2024, the company issued an insolvency warning , with plans to shut down operations in Germany, sell a portion of its business in Poland, and dissolve its joint venture in Switzerland. This situation is further complicated by the rejection of a proposal from Wefox's largest investor, Mubadala, to sell the company to the UK's Ardonagh Group for EUR 550 million (~USD 591.6 million), which was opposed by Wefox's founders and early backers.

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