July was a hyperactive month. With seven deals announced, we’re almost at the year’s peak — only April did better. With four fundraises on its own soil, the UK had its best month of the year and takes back the lead in InsurTech activity.
But it’s on the investment side that the month really stands out: €200M raised in total. Though keep in mind — Wefox, which we’ll come back to later, raised €151M alone. Still, two other rounds topped €10M, and a Polish player, Trasti, raised over €20M — marking the biggest funding in that ecosystem, which is becoming increasingly interesting. You might recall that Guidewire acquired Quantee, a Polish startup for actuaries, earlier this year.
No deals this month were tied to AI — a first in 2025 — but startup business models were highly diverse, with a mix of B2C and B2B2C for those selling insurance, and B2B for those building tech for insurers.
Finally, several of these rounds are follow-on fundings, and two of the biggest include a clear objective: profitability — the dominant theme in the startup ecosystem for the past 24 months.
In short: 7 deals announced, €200M invested — that’s what you need to know by the numbers.
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Now, let’s take a closer look at the three biggest deals to draw some insights — either about the startup itself, or the broader trend it reflects.
Let’s start with Wrisk, taking third place. The UK-based startup, launched in 2016, raised €14M from Amundi Ventures, an InsurTech-focused fund, and Operatech Ventures, BNP Paribas’ VC arm. This funding will help accelerate the development of its embedded car insurance offering, a segment where Wrisk partners with automakers — who can add auto insurance to their adjacent services through Wrisk’s tech. On the occasion of the round, Wrisk revealed partnerships with BMW, Mini, Volvo, and Stellantis, claiming to have enabled over 100,000 insurance policies sold in 2024. This is Wrisk’s fourth round, four years after the last one — which raised £4.6M. In total, it has raised over £26M and now employs 85 people, a 37% year-over-year increase, according to LinkedIn.
In second place comes Trasti, announcing a €20.7M raise. The Polish startup closed the round with support from Triglav, an active insurer in Eastern Europe — already Trasti’s risk carrier — and the European Bank for Development. The round is meant to fuel further expansion of its fully digital auto insurance offering, delivered via a 100% online sign-up experience. At the time of the raise, Trasti reported over 700,000 customers covered. This marks the first announced round for the startup, which was founded in 2020. According to LinkedIn, Trasti employs 54 people, up 29% over the past year.
And in first place, is Wefox, with July’s biggest funding round. The German InsurTech announced €151M raised from existing investors, split 50/50 between debt and equity. This comes just over a year and a half after its previous €55M round in November 2023. Let’s not forget that back then, Wefox was raising €50M nearly every quarter, just as reports started to surface about cash flow issues. In early 2024, its founder CEO was replaced, and a massive portfolio restructuring began — including the sale of its German operations, its home market, and its licensed insurance entity. A major shift. To date, Wefox has raised over $1.7B, but it’s no longer what it once was. It now operates mostly in Austria, Switzerland, and the Netherlands. This round is explicitly aimed at achieving profitability — the sole objective mentioned in the press release. Logical, for a player founded in 2015, once emblematic of Germany’s InsurTech boom and the broader era of startup euphoria. Lastly, according to LinkedIn, Wefox now has just 372 employees, a 44% drop compared to last year.
