(Bloomberg) --Wefox Holding AG, an insurance-technology firm based in Berlin, raised $110 million to build a platform that will make its technology available to other insurers.
JPMorgan Chase & Co. and Barclays Plc provided half the funds as a revolving credit facility, the German company said in a statement Wednesday. The round, an extension to Wefox's 2022 Series D, raised an additional $55 million in equity from new and existing investors, including Squarepoint, it said.
"I consider borrowed capital as the next step in our evolution because it's a lot cheaper," Chief Executive Officer and co-founder Julian Teicke said by phone. "Our goal is that we're self-sufficient in our core businesses and we're well on the road to this."
The company, which currently operates in six countries, is planning to use some of the funding to develop a platform for other insurers to build insurance products via Wefox's technology. It plans to introduce the platform next year, Teicke said.
The extension valued Wefox at $4.5 billion, the same level as after its $400 million funding round in July 2022.
