UAE - Mubadala Investment Company has led the $400 million Series D funding round closed by wefox, a Berlin-based insurtech.

The other investors who participated in the funding round comprise Eurazeo, LGT, Horizons Ventures, OMERS Ventures, and Target Global, according to a press release on Tuesday.

The funding will enable the company to develop its products and expand its businesses across Europe and thereafter Asia and the US.

The round has raised wefox's valuation from $3 billion to $4.5 billion n 12 months.

The CEO and Founder of Wefox, Julian Teicke, said: "This new valuation of $4.5 billion is a clear validation of our business model, which focuses on indirect distribution via agents rather than direct."

Meanwhile, the CFO and founder of Wefox, Fabian Wesemann, commented: "This additional investment is a strong validation from the investor community of our indirect model, which allows us to be cash efficient and is another testament to our continuous performance even in turbulent times."

It is noteworthy to mention that Mubadala has recently made its first investment in the new $800 million financing round closed by Klarna, a Sweden-based fintech company offering payment and shopping services.

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