Insurtech firm wefox in talks with Softbank
Friday, 08 03 2018, Category: Technology, Country: World
Wefox, one of Europe’s fastest-growing insurance technology firms, is close to settling on a new “triple-digit million” euro funding round, with Softbank’s (9984.T) Vision Fund among the suitors, three sources familiar with the negotiations said.
One of the sources said Softbank would lead the new round in wefox by taking a substantial stake, while two others said there was competition from other lead investors, while declining to name them.
Wefox aims to expand the insurance industry’s reach by harnessing an emerging trend to use “big data” to provide more tailored coverage of, for example, taxi or food delivery workers on occasional shifts, or skiers spending a day on the slopes.
Softbank’s Vision Funds’s big investments in firms like Uber or WeWork, leaders of the so-called “gig economy” mean that insurance acquisitions are particularly suited to its portfolio. Softbank founder Masayoshi Son has said he sees “insurtech” as a way to cross-sell to customers of his other companies.