Sure-Tech Investments R&D Partnership (TASE: STEC.L) today announced that it has signed an investment agreement with a SAFE mechanism to invest in fintech company Lance. Under the terms of the agreement, Sure-Tech has agreed to invest $200,000, as part of the $2.75 million financing round, which Lance has raised.
This investment follows the two previous investments made by Sure-Tech in insurtech companies. Sure-Tech invested $2 million in each of Vesttoo and GEOX. Lance was founded in 2017 by Oona Rokyta, Gilad Uziely, Oren Reuveni, and Tom Reuveni. The company provides financial software services for the self-employed and freelancers market in the US. The company has developed a platform that helps its customers in everything related to managing accounts, taxation, collecting payments and other relevant financial products. The company has achieved this by building software solutions on the back of a banking infrastructure under US regulation. Since it was founded, the company has raised $3 million from a range of investors such as: Imagination Capital, BDMI, Techstars, Barclays and others. Lance's most recent financing round was completed in December 2020, in which the company raised about $2 million.
Sure-Tech Investments CEO Ran Tzror said, "We are happy to be making our first investment in Lance, and hope that this only the first of our investments in the company, especially due the fact that we are closing the current round with excess demand. We believe that Sure-Tech will continue to present progress in all of its investments in the foreseeable future, in a way that will significantly enhance the company's assets."
Lance cofounder and VP Business Development Gilad Uziely added, "We are happy that Sure-Tech has joined us in investing in our company, which completes the current financing round. We hope that in the near future, we will embark on an additional financing round at a higher valuation, after presenting growth figures for new users."
SureTech is one of the R&D Partnerships, which held an IPO on the Tel Aviv Stock Exchange (TASE) last year but the only one that is dedicated to targeting investments in innovative technologies in the insurance and financial sectors. The Partnership, whose founders are Adi Zim (owner of Adi Holdings Group) and Dani Naveh, who has 25 years of experience in key positions in both the public and business sectors, raised NIS 26.2 million last April.
Published by Globes, Israel business news - en.globes.co.il - on November 3, 2021.
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