Israeli Earnix hits unicorn status following finance round
The New York-based Israeli insurtech startup, Earnix has reached unicorn status after a $1bn valuation from its latest financing round led by Insight Partners.
The company's current investors, Israeli Growth Partners, Jerusalem Venture Partners and Vintage Investment Partners also took part in the round, which raised $75m - driving Earnix to achieve unicorn status. The event was the insurtech's first funding round since 2017 and brings its total raised capital to $100m.
Launched in 2001, Earnix provides its customers with personalised rates and products using artificial intelligence (AI) and analytics. The company announced that the new injection of funds will be used to grow the insurtech internationally, as well as developing new products and support partnerships.
With offices in North America, Europe, Asia Pacific and Israel, Earnix has concentrated on growing its global presence following the increased demand in the marketplace.
Earnix AI technology
Motivated by advanced Israeli technology, Earnix plans to accelerate new product innovation while facilitating the fast development of its agile, open platform.
Erel Margalit, the founder of Jerusalem Venture Partners who is set to become Earnix chairman, explained, "The company is growing to a point where this was a pre-IPO round. This is an industry that's been waiting for the disruption. It's been waiting for a platform that is both AI and very dynamic."
According to reports from Start-Up Nation Central, a non-profit organisation that tracks Israel's tech industry, the Israeli sector is growing at an extraordinary rate. Israeli startups overall raised a record $1.44bn in January, with six companies announcing funding rounds of at least $100m.
Earnix is just one of many expanding companies with Israeli ties in the insurance and fintech space. The list already includes Lemonade Inc., Hippo Insurance and Next Insurance.
Udi Ziv, Earnix's CEO, said the insurtech counts major clients such as NatWest Group Plc and Liberty Mutual, and that it would grow its workforce from approximately 200 at the start of 2021 to 350 by the start of 2023.
"We have been growing very fast and we're going to accelerate that very fast growth in terms of employees globally," Ziv said.
