The Robin Hood PRO Ltd. insuretech startup has decided to sell its insurance agency, reports Insurtech Israel.
A number of parties have already expressed willingness to acquire the agency and the brand name in order to develop their businesses, and include the app in their marketing set-up. Amongst those showing interest are two insurance companies, credit card companies that are interested in entering the sector and large investment house.
The digital insurance agency owns the Robin brand in Israel. The agency has in its possession the details of tens of thousands of customers who downloaded the company’s app and received their pension and long term saving portfolio from the pension clearing house and Insurance coverages from the governmental “Insurance Mountain” centerlized data base. The agency has exclusive right of use of the Robin technology in Israel.
After completion of the sale of the agency, the Robin Hood insuretech startup will continue holding the intellectual property rights in the technology, the professional knowledge, the workers and the agreements for the sale of the technology to financial institutions in Israel and abroad.
Policy has been informed that the agency’s parent company, Robin Hood Pro experienced a withdrawal of one of its investors from an investment transaction. There are serious discussions in progress with a number of financial entities regarding an investment in the company.
Robin was established five years ago, with more than $5 million invested in it to date.