Berlin-based insurance technology company Wefox raised $400 million in its recent funding round led by Abu Dhabi wealth fund Mubadala.
Wefox sells insurance through third-party intermediaries rather than directly to customers. The proceeds will be used to further develop the product and expand across Europe, Asia, and the United States. According to a press release, the Series D round increased the company's post-money valuation to $4.5 billion. The company currently serves over two million customers, with plans to increase that number to three million by the end of this year.