Harel Insurance acquires a stake in parking app Pango
Earlier this month, Yaron Kastenbaum’s Fund together with Israeli insurance company Harel Insurance acquired 44% of Pango at a value of NIS 550 million, when they paid a total of NIS 250 million. The Weil family owns the remaining 56%.
Founded in 2005, Pango started by launching a pay-by-phone parking app and has since expanded to operate in the space of smart transportation and insurance reaching over 2 million users and consumers.
When it comes to insurance, last year the company signed an agreement with another Israeli insurer – Menora Mivtachim – to establish a digital insurance agency-slash aggregator – Pango Insurance – held by the two entities in equal parts. The company currently works with 6 insurance companies.