Israeli insurtech co WeSure receives New Jersey license

Emil Vainshel Photo: Eran Yardeni

WeSure earmarked the money raised in its Tel Aviv IPO in February for expansion to the US market.

Insurance company WeSure Global Tech (TASE: WESR) announced this morning that it had received a license to sell insurance products in the state of New Jersey in the US. The digital insurance company is thus beginning to fulfill the vision of its founders, Emil Vainshel and Nitzan Zeir-Harim, of expanding the company's activity to the US.

WeSure Global Tech received the New Jersey license through its subsidiary WeSure Digital Insurance Services from the New Jersey Department of Banking and Insurance. The license covers the sale of insurance both to individuals and to businesses. The company intends to apply for similar licenses in other states.

In February this year, WeSure Global Tech completed an IPO on the Tel Aviv Stock Exchange at a post-money valuation of NIS 382 million, raising NIS 82 million, after it had at first sought to raise NIS 100 million at a valuation of NIS 500 million. The company said at the time that it would use the money raised to enter the US market. Since then, its share price has risen 20%, giving it a current market cap of NIS 470 million, far more than its shareholders' equity, which totaled NIS 54 million at the end of the first quarter.

Other digital insurance companies with Israeli connections are also active in the US market, such as Lemonade (NYSE: LMND), Hippo Insurance, and Next Insurance.

Published by Globes, Israel business news - en.globes.co.il - on June 7, 2021

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

Emil Vainshel Photo: Eran Yardeni
Emil Vainshel Photo: Eran Yardeni
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