A Tel-Aviv based insurance company – Vesttoo hits unicorn status for first time after sealing a hefty amount of US $80mn in it’s Series C funding round.
Israel based Insurtech company Vesttoo that serves for technology driven based insurance risk transfer platform, has gained unicorn status for the first time after closing it’s series C fundings.
The company uses AI to connect insurance with capital markets, giving insurers the desired capital to expand with low volatile business exposure. Currently the company values at US$1bn co led by Mouro Capital and Investment banks- Gramercy Ventures, Black River Ventures and Hanaco Ventures too.
In less than a year Mouro Capital took Vestoo’s series B funding to US$15mn and took total funds to more than US$100mn comparing to last round Vestoo further modified it’s AIand other platform facilities in the market.
The company expanded itself globally in London, Hong Kong, Seoul, Dubai and Tokyo and growing it’s New York and Tel Aviv’s bases.
The firm also introduced it’s Bermuda based collateralized insurer and hired senior talent to highlight it’s executive leadership team.
In August Vestoo partnered with Clear Blue to provide P&C insurer with reinsurance capacity giving an estimation of US$1bn.
Vestoo ‘showing resilience, strength and profitability ‘-
Yaniv Bertele, CEO of Vesttoo stated “Our clients and equity partners understand our vision and the opportunity we provide. In a time rife with uncertainty, Vesttoo is showing resilience, financial strength and profitability, thanks to our compelling value proposition. Our AI-based marketplace is set to propel the insurance industry forward by better connecting risk to capital sourced from global investors.”
Chris Gottschalk, General Partner at Mouro Capital, claimed: “Vesttoo has built a unique marketplace, proven by robust market demand and the company’s impressive growth trajectory. We are thrilled to double down on our partnership with Vesttoo as they continue to scale in a market ripe for innovation.”