JVP Secures $290M from TPG to Boost Stake in AI Insurtech Earnix
Jerusalem Venture Partners (JVP) has secured a significant investment of $290m (NIS966.97m) from US alternative asset manager TPG. This deal will see JVP's ownership in insurtech giant Earnix increase to over 50%.
Earnix, known for its AI-driven cloud-native platform, operates in over 35 countries and is adopted by more than 100 tier-one insurance companies. The platform offers real-time decision-making capabilities in pricing, underwriting, and product personalisation.
The transaction has delivered a gross return of 8.7-times to early fund investors. The capital raised will primarily be used to buy out these early JVP investors. This move comes after Earnix's acquisition of Zelros in April, a company offering generative AI solutions for insurance and banks.
JVP's founder and executive chairman, Erel Margalit, expressed delight about the partnership with TPG. He believes this collaboration will help build Earnix into the leading AI platform for insurance and financial services industries. Earnix CEO Robin Gilthrope also shared excitement about the partnership, highlighting JVP's ongoing role in supporting the company's growth.
