wefox’s $400 Million Series D Funding Round

Ospelt & Partner advised wefox on the completion of its Series D funding round, which closed at $400 million.

wefox is a full-stack insurtech firm founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic, with a focus on indirect distribution through agents rather than direct distribution. wefox Insurance is a subsidiary of wefox and acts as the in-house regulated insurance carrier. The parent company generated more than $200 million in the first four months of 2022 and is currently projected to achieve more than $600 million in revenue by the year’s end.

With the completion of the latest funding round, wefox has been valued at $4.5 billion – the largest for an insurtech firm to date and a significant leap from its 2021 valuation of $3 billion. The equity round was led by Mubadala with participation from LGT, Eurazeo, Horizons Ventures, OMERS Ventures and Target Global.

Ospelt & Partner advised wefox with a team comprising Alexander Ospelt and Judith Hasler. White & Case and Homburger also advised wefox. Mubadala and LGT were advised by Latham & Watkins and Milbank respectively.

 

Lawyer Monthly had the pleasure to speak with Judith Hasler at Ospelt & Partner to give us some further insight into this transaction:

What role did your firm take during this funding round?

Ospelt & Partner is entrusted with providing legal advice on Liechtenstein law to wefox; namely the Liechtenstein group companies, which includes in particular wefox Insurance AG, a regulated insurance company. In connection with the current financing round, questions regarding Liechtenstein law were answered and clarified, and the due diligence report was adapted to the developments that followed the last financing round.

What unique skills and experience did you bring to bear during your work?

wefox’s growth in recent years has been impressive and the legal issues have become more comprehensive and complex. As a full-service law firm that has a dedicated insurance law practice, Ospelt & Partner was able to offer comprehensive advice regarding all matters of Liechtenstein law. Additionally, Ospelt & Partner has been advising wefox since 2017, which is why there is an in-depth understanding of the company, its development and the associated legal issues. In addition, there is good cooperation between our law firm and the Liechtenstein authorities, so any official information or documentation can also be provided in an uncomplicated and timely manner. Accordingly, Ospelt & Partner’s strength is its ability to offer fast, pragmatic and comprehensive solutions.

How did you ensure that the funding round was completed to the satisfactionof all parties involved?

Ospelt & Partner strives to provide a timely and pragmatic solution for clients at all times. As part of our role in connection with the current financing round, we provided quick and understandable answers and also assisted the Liechtenstein group companies in compiling information and documentation. This ensured that the information for the Liechtenstein part of the group could be provided to the investors in a timely manner.

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