Hong Kong billionaire Li Ka-shing’s ongoing “pivot to Europe” is taking a new step forward with his latest participation in a German online insurer called Wefox.

One of Asia’s richest men was among a group that pumped a hefty $650 million into the 6-year-old digital insurance provider for its C-funding round, valuing it at $3 billion — three times the threshold for coveted “unicorn” status.

Li made the investment through his personal private equity arm, Horizons Ventures Ltd., which made a name for itself through its early investment in online meeting sensation Zoom Video Communications Inc. Horizons is one of Wefox’s earliest investors, having put money into the company back during its A-financing round.

In announcing its latest funding, Berlin-based Wefox said the round was the largest ever for a high-tech insurer. The funding was led by Germany’s Target Global, with participation by previous investors, including OMERS Ventures, Eurazeo, Mubadala Investment Co. and Merian Ventures, as well as new investors including FinTLV Ventures, LGT Group and Partners Group.

Contact reporter Yang Ge (geyang@caixin.com)

Related: Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion