June 4, 2021

Milbank Advises Lightrock and LGT on Their Investment in Wefox as Part of the Series C Financing Round


Milbank advised Lightrock (the former impact investing arm of LGT) as well as LGT on investment in Wefox, a digital insurer, as part of the $650 million Series C funding round led by Target Global. Following this funding round, which represents the largest Series C funding round for an insurtech globally and is one of the largest ever Series C’s, the company has reached a post-money valuation of $3 billion.

The funding now has a total volume of $918 million. With the new investment, Wefox, which is already operating in Germany, Austria, Poland and Switzerland, plans, among others, further foreign expansion - starting with the launch in Italy before the end of this year. Wefox had already attracted international attention in 2019 when the company raised a total of $235 million from investors in two steps.

Wefox Insurance, founded in 2015, is a digital real-time insurer focused on personal insurance products, such as household insurance, motor insurance and personal liability insurance with more than 600 employees in eight offices in Europe. Brokers can conclude paperless insurance policies for their clients within a few minutes. Claims are filed digitally and settled on the same day in over 60% of cases. Policies are available in Germany, Poland, and Switzerland. Wefox’s partners include Munich Re and the software group Salesforce. In addition to Lightrock/LGT, further global investors such as Target Global, OMERS Ventures, G Squared, Salesforce Ventures, Merian, Mubadala Capital, Speedinvest as well as Horizons have invested in Wefox.

Lightrock has been a pioneer in impact investing - its activities were initiated by the Princely House of Liechtenstein in 2007 and are backed by LGT, the international private banking and asset management group. LGT, headquartered in Vaduz in the Principality of Liechtenstein, is a leading international private banking and asset management group, which has been fully controlled by the Liechtenstein Princely Family for over 90 years. The group manages assets of more than US$272.4 billion for wealthy private individuals and institutional clients. LGT employs over 3,800 people in over 20 locations in Europe, Asia, the Americas and the Middle East.

Milbank advised Lightrock and LGT on corporate/M&A aspects of the transaction. The Milbank team was led by partner Peter Nussbaum and special counsel Michael Pujol and included the associate Christina Beck (all Corporate/M&A, Munich).