Sompo Japan Nipponkoa will expand into Israel by launching an innovation lab focused on investing in technology start-ups.
The Israeli facility will be the Japanese insurer’s third of its kind, following its Tokyo and Silicon Valley hubs, Reuters reported. Sompo is looking to invest in start-ups in the fields of insurtech, mobility, health, eldercare, homecare, remote medical care, and blockchain.
Financial details regarding the move were not disclosed.
Sompo said that the Israeli office will be on the lookout for potential investment targets, as well as working on collaborations for new products for the Japanese and global markets. It also aims to partner with academic institutions in the region.
According to the report, the investments will be done directly by Sompo, for sums over US$5 million, or through a corporate capital joint venture established by Sompo and American venture capital firm TransLink Capital for investments of between US$1 million and US$5 million.
For the innovation lab’s first year of operation, Sompo aims to invest in up to three firms and collaborate with five to 10 companies.