WeSure used the money raised on its Tel Aviv IPO in February to expand into the US market.
Insurance company WeSure Global Tech (TASE: WESR) announced this morning that it has received a license to sell insurance products in the state of New Jersey in the United States. The digital insurance company is thus beginning to realize the vision of its founders, Emil Vainshel and Nitzan Zeir-Harim, to expand the business of the company in the United States.
WeSure Global Tech was licensed in New Jersey through its subsidiary WeSure Digital Insurance Services of the New Jersey Department of Banking and Insurance. The license covers the sale of insurance to both individuals and businesses. The company intends to apply for similar licenses in other states.
Digital Insurance Company WeSure Raises NIS 85 Million in TASE IPO
In February of this year, WeSure Global Tech completed an IPO on the Tel Aviv Stock Exchange at a post-currency valuation of NIS 382 million, raising NIS 82 million, after initially seeking to raise $ 100 million. NIS at a valuation of 500 NIS. 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 by 20%, giving it a current market capitalization of NIS 470 million, far more than its equity, which stood at 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.
Posted by Globes, Israel business news – en.globes.co.il – on June 7, 2021
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Emil Vainshel Photo credit: Eran Yardeni