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- Merian Chrysalis approaching three quarters deployment with latest investments
Merian Chrysalis approaching three quarters deployment with latest investments – Merian Chrysalis (MERI) has announced an investment of €14.4m, as part of a funding round conducted by wefox Group. The company invested by way of a convertible loan note.
wefox Group was founded in Berlin in 2015 and has already established itself as one of Europe’s largest and fastest growing insurtech assets. The wefox Group consists of two subsidiaries: wefox and ONE.
This funding round follows a successful Series B raise of US$125m in March 2019. 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.
Nick Williamson, co-portfolio manager, noted: “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.”
MERI has also acquired an additional £11.6m holding in Graphcore Limited from the open-ended UK small- and mid-cap equity funds managed by the company’s manager, Merian Global Investors (UK) Limited.
Following the completion of the wefox Group investment and the acquisition of additional shares in Graphcore Limited, the company will be approximately 75% fully invested.
MERI: Merian Chrysalis approaching three quarters deployment with latest investments