12th Jul 2022 08:37
(Alliance News) - Chrysalis Investments Ltd on Tuesday said its investee Wefox Holding AB sealed a funding round, valuing the insurtech firm at USD4.5 billion.
Chrysalis did not participate in the funding round, which was led by Mubadala Investment Co, an investment arm of the United Arab Emirates.
Wefox's series D funding round raised USD400 million, through equity and debt. The Berlin-based firm launched in 2015.
Wefox said it was valued at USD3 billion 12 months ago. The valuation increase to USD4.5 billion is "bucking the trend currently experienced in the insurtech market and more broadly across the tech sector", Wefox noted.
"Wefox has been one of our strongest performing assets in recent years and this has been reflected by a successful funding round in a tough environment. Three of our largest assets have raised a total of USD1.4 billion in recent weeks, with participation from some of the world's leading investors, and this highlights the continued confidence investors have in our assets," Chrysalis Co-Portfolio Manager Richard Watts said.
Wefox is the firm's second-largest asset, representing just over 13% of the portfolio.
Buy-now-pay-later services provider Klarna, its largest asset, sealed a USD800 million fundraise, Chrysalis said on Monday.
The funding round valued Klarna at USD6.65 billion. Chrysalis had first invested in Klarna in August 2019 at a post-money valuation of USD5.5 billion.
The latest valuation was some way off Klarna's USD45.6 billion value from a June 2021 funding round.
Chrysalis shares were 1.8% lower at 94.50 pence each in London on Tuesday morning. The stock had fallen 7.1% on Monday on news of Klarna's valuation plunge.
By Eric Cunha; [email protected]
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