Sure-Tech R&D Partnership for investment in insurtech and fintech has raised NIS 26 million, including NIS 5 million from the general partnership, in its Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE).
Sure-Tech CEO Ran Tzror said, “We are setting out on a partnership whose declared aim is to make quality investments in startups in the fintech and insurtech sectors in Israel accessible to the investing public. I believe in the ability of the team that we have formed to make good deals that will bring value for investors over time.”
The IPO was led by R.E. Underwriting and supported by Advs. Itay Brafman and Adi Ron of the Dr. Zeev Holender Law Offices and Moran Massad Hadar CPA from Deloitte.
The Sure-Tech Partnership held its IPO following a technological revolution in finance and insurance in Israel, with Israeli startups like Lemonade, Hippo, and Next becoming unicorns within just 4-5 years after their establishment.
Sure-Tech plans to invest between $1 million and $4 million in quality technological companies with fast growth potential in the fintech and insurtech sectors – companies that have completed the technological development stage and are at the business breakthrough point ahead of generating significant revenue. In the first stage, the Partnership is investing in: Vesttoo, which based on artificial intelligence (AI) is able to objectively assess risks in an insurance portfolio and price it for the capital market, as an alternative to secondary insurers; and GEOX, which has developed a breakthrough technology based on AI and machine vision for insuring properties. The two companies have proven technologies and revenue from agreements with insurance and international finance players. Among the shareholders of the general partnership is Dani Naveh, who will serve as chairman. Naveh served until recently as Chairman of Clal Insurance and is a former Minister of Health. Other shareholders include Hof Zim from the Adi Zim Group, Lior Tamar, and the Together Fund, managed by Shuki Cohen Sharet.
Published by Globes, Israel business news – en.globes.co.il – on April 29, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021