One-time insurance unicorn wefox has secured 25 million in fresh capital amid a brutal restructuring effort to keep the ailing business afloat.
Over the past 18 months, wefox has undertaken a rigorous process to streamline its operations, focusing on shedding non-core assets and enhancing its core strengths. In May it warned investors that it may soon face insolvency due to financial losses and regulatory charges.
The company was valued at 3.6 billion less than two year ago, with lenders including Barclays and JP Morgan, but has since been descending into crisis.
The prospect of insolvency was raised amongst job cuts amongst the Wefox ranks and shutdowns of their offices in Italy, Germany, Poland, and Switzerland.
The ongoing restructuring …
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