Dan Naveh to set up $100m fintech fund

Dan Naveh

Naveh stepped down earlier this year as chairman of Clal Insurance.

Dan Naveh is working to set up a $100 million fintech investment fund, a source has told "Globes." It is unclear how far Naveh has got in his effort or whether he has yet found an anchor investor. Naveh is a former Minister of Health and was until recently chairman of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS).

Naveh declined to comment on the report.

Fintech includes the fast growing digital insurance or insurtech sector and there is a feeling that this is an area which has yet to realize its potential. Insurtech startups raised $34 billion last year and in the wake of the Covid-19 crisis, the feeling is that investments in the sector will continue growing.

Israeli startup builder Team8 recently set up Team8 fintech, led by former Bank Leumi (TASE: LUMI) CEO Rakefet Roussak-Amninoach, to found, build and invest in fintech startups. Team8 is also looking to raise a $100 million investment fund.

This is not Naveh's first involvement with investment funds. In 2007 he set up the Agate Fund, which raised $64 million to invest in medical device and healthcare service developers. In 2012 he set up the second Agate fund for early stage startups, which raised another $40 million.

Published by Globes, Israel business news - en.globes.co.il - on October 21, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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