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Facing the music: Streaming benefits mega stars like Taylor Swift, but squashes all other musicians
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Israeli foodtech leading the way in alternative protein innovation
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Insurtech
20 stories about Insurtech
Court approves seizure of $30 million in assets from Vesttoo co-founders, execs
19.09.23
|
Meir Orbach
The request, submitted by the company and approved by the Tel Aviv District Court, included foreclosures totaling approximately $23 million on the assets of co-founders Yaniv Bertele and Alon Lifshitz, as well as foreclosures totaling $7.2 million on two former executives and a service provider
Vesttoo report claims co-founders “directly involved in creating fake documents and forging identities”
07.09.23
|
Meir Orbach
The insurtech’s board filed its first interim report with the bankruptcy court and confirmed the source of Letter of Credit allegations. "This is a biased and fundamentally flawed investigation, which targeted the company's founders from the beginning," Bertele said
Ousted Vesttoo CEO appoints combative director to fight hostile board
07.09.23
|
Almog Azar
Co-founder Yaniv Bertele, who was officially fired by the board last week, has brought in attorney Ziv Ironi, regarded in Israel as a pioneer in the area of director activism, to fight on his behalf
Vesttoo CEO breaks silence in message to employees: “We were entirely unaware of any document falsification”
04.09.23
|
CTech
“We were targeted, tried, accused, and swiftly condemned even before the investigation commenced,” Yaniv Bertele wrote in a long message sent directly to current and former employees on Monday
Court rules Vesttoo can’t make compensation payments to fired staff
27.08.23
|
CTech
Vesttoo, which laid off around 75% of its workforce last month, received approval to make payments of over $2.78 million to its remaining employees, but was told it currently can’t spend an additional $2.2 million related to compensation payments
Vesttoo revenue reached $110 million in 2022 prior to fraud scandal
22.08.23
|
CTech
According to a declaratory filing as part of the company’s Chapter 11, interim CEO of the company Ami Barlev revealed that Vesttoo's revenue surged from $30 million in 2021 to $110 million in 2022
Vesttoo in “active discussions" with potential investors to find alternative collateral
07.08.23
|
Reuters and CTech
The Israeli fintech company added in a statement that a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants
FBI investigating alleged fraud at Vesttoo
02.08.23
|
Meir Orbach
Vesttoo announced on Tuesday that it is laying off around 150 employees, accounting for 75% of the company’s workforce
Vesttoo vehemently denies Morningstar's figures
29.07.23
|
Meir Orbach
The rating agency released a report on Thursday estimating that the the total size of outstanding transactions on Vesttoo is between $5-10 billion, which the Israeli company said “cannot possibly be realistic"
Vesttoo outstanding transactions estimated at between $5-10 billion - Morningstar
27.07.23
|
Meir Orbach
The fraud at Vesttoo came to light when one of the letters of credit on the platform was found to be fake, leading to a comprehensive review of all LOCs on the Israeli company's system
Vesttoo: “At a minimum, it appears that procedures were circumvented”
26.07.23
|
CTech
The Israeli insurtech company, embroiled in a scandal after alleged fraud took place on its platform, broke its silence
Vesttoo scandal aftershocks still rocking insurance sector
25.07.23
|
Meir Orbach
Clear Blue Insurance Group is among those to have been affected by the alleged fraud that took place on the Israeli startup’s platform
Vesttoo’s top legal and financial executives leave the company amid alleged fraud scandal
19.07.23
|
Meir Orbach
The Chief Financial Officer, Chief Commercial Officer, Interim Chief Legal Officer, and Deputy Chief Legal Officer have all departed the startup embroiled in a fraudulent collateral crisis
Vesttoo investigation reveals $4 billion fraud involving fake letters of credit
19.07.23
|
Meir Orbach, Tomer Ganon, Almog Azar
Most of the allegedly forged letters were from a leading Chinese bank, which appears to have been unaware of the situation
General Catalyst to invest up to $150 million to help Lemonade acquire new customers
29.06.23
|
Yarden Rozanski
Lemonade is aiming to expedite its path to profitability through the Synthetic Agents program in which General Catalyst will finance 80% of the cost of acquiring new customers in return for 16% of the premiums generated from the insurance policies
Insurers need to reconcile their desire for automation with their slow adoption of tech
20.06.23
|
Dror Pockard
Modernizing insurance operations can make insurers’ pricing models agile, coordinate efforts across lines of business such as pricing, rating, and underwriting, and aid planning
Travel insurtech startup Faye lands $10 million in Series A
23.05.23
|
Meir Orbach
Faye’s protection can cover travelers’ flights, hotels, health, luggage, and even their pets
Insurtech startup Novidea raises $50 million Series C
03.05.23
|
Meir Orbach
Using an open API architecture, Novidea’s software platform enables brokers, agents, and MGAs to modernize and manage the customer insurance journey
Fairmatic raises $46 million for AI-powered commercial auto insurance platform
16.03.23
|
Meir Orbach
The Israeli-founded startup, which has developed an AI-driven underwriting approach, has raised a total of $88 million over the past seven month
Insurtech startup Assured Allies raises $42.5 million Series B for aging and retirement platform
07.03.23
|
Meir Orbach
Assured Allies’ platform combines machine learning and predictive analytics to offer aging programs proven to reduce the risk of disability, and retirement products that aim to make long-term care insurance accessible and financially sustainable
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