JVP raises $290M from TPG to boost stake in insurtech unicorn Earnix
The Jerusalem-based venture fund will use the capital primarily to buy out early investors, increasing its ownership to over 50% as Earnix prepares for AI-driven expansion across global insurance markets.
Erel Margalit’s Jerusalem-based venture capital firm, JVP, has raised $290 million from American investment giant TPG, which manages $269 billion in assets, Calcalist has learned. The majority of the funds will be used to buy out early JVP investors who collectively hold about 26% of shares in the insurtech unicorn Earnix. A smaller portion will support Earnix’s strategic initiatives, including acquisitions and technological development, primarily in artificial intelligence.
As part of the new round, Insight Partners, an American fund, will also acquire holdings from existing investors. The fundraising reshapes Earnix’s ownership, with JVP set to increase its stake in the company to over 50%. In 2024, two investors, Vintage and Haim Shani’s IGP, sold their Earnix holdings for approximately $120 million, with JVP and Insight Partners among the buyers.
Investors in JVP’s early fund were offered the opportunity to either rollover or realize returns, and many chose to roll including Partners Group, HighVista Strategies, Committed Advisors, Hollyport Capital, and others. JVP’s continuation vehicle investors join JVP’s growth Fund investors, such as Hamilton Lane and Lexington Partners, to collectively hold more than 50% of the company. The fund said the transaction generated a gross return of 8.7 times for early-stage investors in Earnix.
Earnix raised around $75 million in 2021 at a valuation exceeding $1 billion. Today, under CEO Robin Gilthorpe, who replaced Udi Ziv in 2023, the company is preparing for a major transformation, including workforce adjustments, as it transitions to AI-driven systems.
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The new fund reflects confidence in realizing Earnix’s global potential. Operating in more than 35 countries across six continents, Earnix collaborates with over 100 leading insurers and financial services companies, including AXA, Assicurazioni Generali, Tokio Marine, Banco Santander, IAG, and Toyota Financial Services. Its cloud platform enables real-time decision-making in pricing, underwriting, and personalization of insurance and banking products, driving significant cost reductions and revenue growth.
Dr. Erel Margalit, Founder and Chairman of JVP and Chairman of Earnix, said: “I am delighted to partner with TPG, one of the world’s leading investment firms, as they support us in building Earnix into the leading AI platform for the insurance and financial services industries.”
