Berlin-based insurtech Wefox has hit a $4.5bn valuation thanks to a huge Series D round led by Mubadala Investment Company.

Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global also took part in the $400m equity and debt round, which has boosted Wefox’s valuation 50% in the past 12 months.

The digital insurance company sells its products through intermediaries and not directly to customers, which it says has resulted in significant growth.

Read more: AltAssets