The Israeli research and development partnership Sure-Tech Investments plans to raise up to 36 million NIS in an initial public offering (IPO) on the Tel Aviv Stock Exchange. The partnership is committed to buying 20% of the final bid that will be set – at least 25 million NIS, and will invest between one million and four million dollars in each target company for insurtech.
The Sure-Tech Partnership seeks to capitalize on the major boom of the technological revolution in the world of finance and insurance in Israel, in which Israeli startups like Lemonade, Hippo and Next have become unicorns, within four to five years of its founding. . Sure-Tech has already invested in two companies, which it estimates can create major changes in the insurance market. This is part of his strategy of investing in companies that have completed the phase of technological development and are on the verge of business breakthrough and opportunities to generate higher revenues.
The partnership has invested $ 2 million in: Vesttoo, which based on artificial intelligence (AI) can objectively and optimally assess the risks of the insurance portfolio and determine it for the capital market, as an alternative to secondary insurance; and $ 2 million GEOX, which developed a revolutionary technology based on AI and Machine Vision for property insurance. The two companies have proven technologies and revenue from agreements with insurance and international financial players.
Among the shareholders of the General Partnership are Dani Naveh, who will be the President, and Hof Zim of the Adi Zim Group, Lior Tamar; and the Together Fund, managed by Shuki Cohen Sharet.
The IPO will be led by RE Underwriting and Advs. Itay Brafman and Adi Ron from the law office of Dr. Zeev Hollender and accounting firm Deloitte.
The CEO of the partnership will be Ran Tzror, a qualified lawyer and accountant and an experienced investment manager who has been a director, assistant president and CEO of Teva Pharmaceuticals in the past, as well as a director of post-merger integration at Teva. The Chief Financial Officer and Vice President of Business Development will be Doron Gedalyahu, a qualified accountant, who founded the fintech and insurtech community FINovation and was a supervisor in the Financial Institutions Supervision Department of the Israeli Capital Markets, Insurance and Savings Authority. The technology advisor will be Avichay Karpel, who served as technical director of Leumi Bank and has 20 years of experience leading innovative projects in the IDF 8200 intelligence unit. The partnership brings with it the added value of Gopi Rangan, an advisor specializing in investments in Silicon Valley insurtech companies.
The partnership will not charge management fees in the first year and will reduce success fees from exit to 14%, while the average market fee is 20% or more.
Posted by Globes, business news in Israel – en.globes.co.il – April 21, 2021
© Copyright Globes Itonut (1983) Ltd. 2021