(Alliance News) - Merian Chrysalis Investment Co Ltd on Wednesday said it has invested EUR14.4 million - by way of a convertible loan note - as part of funding round conducted by wefox Group, the Berlin-based insurtech startup.
Merian Chrysalis said other investors in the round include OMERS Ventures, Samsung Catalyst Fund and Mubadala Ventures.
The investment company said this funding round follows a series B fundraise of USD125 million in March.
wefox Group will use the proceeds of both rounds to consolidate broker pools in existing markets and for expansion across Europe, Asia and the US, Merian Chrysalis said.
"The insurance industry is ripe for disruption and wefox Group is well placed to transform the sector through its digital proposition. The wefox Group management is incredibly ambitious, evidenced by the impressive progress made to date, and we look forward to working with them," said Merian Chrysalis Co-Portfolio Manager Nick Williamson.
In addition, the company confirmed that it has acquired a GBP11.6 million holding in Graphcore Ltd from the open-ended UK small- and mid-cap equity funds managed by Merian Chrysalis's investment adviser, Merian Global Investors UK Ltd.
Merian Chrysalis shares were trading 0.5% higher on Wednesday at 119.60 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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