Report: Fund Fort Ross sells stake in US tech startup for $6.5 mln

MOSCOW, Jan 17 (PRIME) -- Venture fund Fort Ross Ventures, organized with participation of Russia’s top lender Sberbank has sold a stake in U.S. technological startup CoverWallet for U.S. $6.5 million, business daily Vedomosti reported on Friday on its website, citing a Fort Ross spokesperson.

The size of the stake, purchased by technological integrator Aon, was not disclosed.

CoverWallet is a digital platform for insurance companies and independent insurance agents working with small and medium-sized enterprises. It automates the search of clients, evaluation of losses and payment of premiums. During the four years of work, CoverWallet has raised more than $28 million.

Despite the sale of its stake, Fort Ross “is actively discussing an option of CoverWallet’s entrance on the Russian market in the mid-term,” the fund’s managing partner Viktor Orlovsky said.

Fort Ross is one of the biggest funds with Russian capital, working in the Silicon Valley.

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