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A Bloomberg report Tuesday said that German digital insurer startup, wefox, is in “advanced discussions to raise fresh funding at a valuation of $5 billion to $6 billion.”
Citing people with knowledge of the matter, Bloomberg stated the firm is aiming to raise hundreds of millions of dollars and could finalize the terms of the fundraising in the next few weeks.
Last year, wefox raised around $650 million in a Series C round that valued the company at $3 billion. Previous investors in the company include Abu Dhabi sovereign fund Mubadala Investment Co., Salesforce Ventures, Ashton Kutcher’s Sound Ventures, and Hong Kong billionaire Li Ka-Shing’s Horizons Ventures. This latest reported fundraising would value the company at nearly double.
The latest round of fundraising will occur in an uncertain market, given investors are currently cautious about investing in riskier assets such as tech companies.
Bloomberg cautioned that there is no certainty an agreement will be reached, and the fundraising terms could be changed.
