MUNICH, July 12 (Reuters) – Digital insurance startup Wefox said on Tuesday it had raised $400 million from investors, valuing the “insurtech” business at $4.5 billion.
Abu Dhabi’s state-owned investor Mubadala Investment Company led the Series D round investment, which will be used to expand into more countries and grow its platform, Wefox said.
A year ago, Wefox was valued at $3 billion.
The increase in its valuation comes as investors are increasingly discerning about investing in tech startups and listed tech stocks have seen a sell-off this year.
Swedish payments firm Klarna Bank AB said on Monday it had raised $800 million in funds at a valuation of $6.7 billion, down around 85% from the $46 billion price it had attracted last year.
Wefox, which has a presence in countries including Germany, Switzerland and Poland, plans to expand into the Netherlands, Wefox founder and CEO Julian Teicke told Reuters.
The latest funding round brings the total investment to more than $1.3 billion since Wefox began raising funds in 2016.
(Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Susan Fenton)
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