Israeli insurtech startup Vesttoo announced on Sunday that it has completed a $6 million funding round led by Hanaco venture capital fund, just four months after raising $2 million. The previous round in April was led by the Sure-Tech R&D partnership, with Vesttoo’s value increasing by about 80% over that period according to the company.
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As part of the current round of funding from the Hanaco fund, previous investments amounting to $1.5 million in the SAFE mechanism provided to Vesttoo by other investors will be converted.
Vesttoo has developed technology in the field of risk management, which allows insurance companies and reinsurers to transfer their insurance risks to the capital market through the use of financial instruments for investment. These devices are built using artificial intelligence, which assesses the risks of insurance companies objectively and allows them to price their risks. Vesttoo’s goal is to solve the problem of the need to seize capital by type and scope of activity and in accordance with regulatory requirements, a trend that may be overcome with the entry of the Solvency II Directive.
Source: Cal Tech
