Digital insurance co WeSure raises NIS 85m in TASE IPO

Emile Wainshel Photo: Eran Yardeni

The company, which plans expanding operations to the US and Europe, raised the money at a company valuation of NIS 382 million, post-money.

WeSure Global Tech, the parent company of digital insurance company WeSure, has sold a 22.3% stake in an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE), raising NIS 85 million, at a company valuation of NIS 382 million, post money. The company had initially planned selling a 20% stake for NIS 100 million at a company valuation of NIS 500 million, after money.

WeSure was founded by chairman Emil Vainshel, who holds a controlling stake and CEO Nitzan Zeir Harim, who holds a minority stake, and who were recently joined by former police chief Yohanan Danino, who also has a small stake. Having seen the international success of Israeli insurtech company Lemonade (NYSE: LMND), the IPO is designed to help WeSure launch international operations.

The company's last financing round was in 2018, when it raised money at a valuation of NIS 114 million, so despite achieving a lower than desired valuation, the company has still more than tripled its valuation in three years.

The company said it needs, "To raise capital in order to speed up the Group's business development plan as part of which it will expand areas of activity and the market share of the company in Israel as well as prepare for entry into US and European operations in the coming years."

The offering was led by IBI Poalim.

Published by Globes, Israel business news - - on February 28, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Emile Wainshel Photo: Eran Yardeni
Emile Wainshel Photo: Eran Yardeni
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