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After a long and well-deserved summer break we’re back in full force with another season of Growth Leap and we have somebody very special to kick things off.
Our guest today is Fabian Wesemann co-founder and CFO of wefox a Germany-based digital insurance company. wefox recently closed a $650 million Series C funding round led by Target Global and reaching a post-money valuation of $3 billion.
Founded in Berlin in 2015, wefox decided to make an important strategic bet. The company has focused on tech enabling insurance advisors instead of seeking to cut the middleman. The results so far have been quite positive. The company posted 119 million in revenues last year and is on track to reach 325 million this year.
But it’s not always been a smooth ride. In this episode, Fabian explains how it all started and the challenges that they faced with their initial go-to-market strategy. Although the pandemic ultimately turned out to be a catalyst for the startup’s growth, it also caused it’s fair share of stress at the outset.
We talk about what it takes to be an entrepreneur, wefox’ journey to becoming a unicorn, and the importance of employee equity compensation.
Enjoy the show and happy listening!
“You need to believe in yourself. If you don’t, then who will. You need to convince other people to believe in you. And so everything starts always with yourself.”
[1:41] Why Fabian decided to quit a corporate job and become an entrepreneur
[3:27] The main challenges he has faced in his entrepreneurial journey
[5:08] The importance of believing in yourself and making many decisions
[6:06] Tips on decision-making
[8:07] Wefox’ strategic positioning
[10:28] How the insurtech startup works with agents
[12:40] Wefox’ epic fail during their first pitch
[14:43] The crazy customer acquisition strategy that didn’t work before getting hyper focused on their key partner and new channels
[17:34] How to build and grow your team
[20:27] Remote working, the pandemic, and preserving your company culture
[22:45] How Wefox navigated the outbreak of the pandemic
[25:37] What to do when things don’t go your way
[26:27] How Fabian learned to become a better tennis player and leader with this book
[29:09] Why you need to take a break?
[29:53] Wefox’ plan for the next 12-18 months
[32:07] The importance of employee ownership and why Fabian is on a mission to change European rules
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