The partnership
Shor-Tech Yahsh
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Sold half of its holdings in Vesttoo, a company that develops technology in the field of risk management, in which it invested about eight months ago, to an unrelated third party for about $ 7 million. The sale price is 6 times higher than the price at which the shares were purchased in April 2021.
Just need to remember – these are small numbers and a partnership that is traded at a market value of NIS 20 million.
According to the partnership, Shor-Tech received an offer to sell its entire holdings in the company but decided to sell only 50%. Vesttoo has developed technology that allows insurance companies and reinsurers to transfer their insurance risks to the capital market through the use of financial instruments for investment and the company was established in mid-2018 by 3 Israelis.
Last November, Vesttoo completed a B round of funding in which it raised $ 15 million at a value of about $ 300 million after the money was fully diluted. Shor-Tech first invested a total of $ 2 million in Vesttoo at a value of about $ 20 million “before the money”, and as stated, it profits from the increase in Vesttoo’s value.
Vesttoo develops technology in the field of risk management, which enables insurance companies and reinsurers to transfer their insurance risks to the capital market. According to the company, the devices are built using artificial intelligence, which assesses the risks of insurance companies and allows them to price their risks. Vesttoo’s goal is to solve the problem of the need to seize capital according to the type and scope of activity and in accordance with regulatory requirements.
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