Israeli insurtech company Sproutt has declared insolvency less than three years after raising funding at a $200 million valuation. Last week, Sproutt submitted a request to the District Court in Tel Aviv to initiate proceedings due to its insolvency and its inability to pay a $2.2 million debt to Bank Leumi.
Sproutt, established in October 2017, raised $38 million over the years and received investments from prominent insurance companies. Harel Insurance owns 4.5% of the company’s shares, while Menorah Mitvtachim owns 3.5%.
The deterioration of Sproutt, a digital insurance company specializing in marketing life insurance policies in the U.S., over the past three years is attributed, according to the company, to wrong strategic d…
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