Sure-Tech Investments has signed an agreement to acquire shares in portfolio company GeoX and will invest $1 million in its ongoing fundraising round. In return, Sure-Tech will receive Series A preferred shares. The announcement was made by Sure-Tech to the Tel Aviv Stock Exchange and the Securities Authority.
Recently, GeoX partnered with the Flashpoint Venture Capital Fund, which will lead the $13 million funding round, valuing GeoX at $61–$65 million post-money. Flashpoint will invest $8 million, with $5 million transferred after the agreement’s signing and an additional $3 million at a later date. Sure-Tech has already invested $3.75 million in GeoX, including $2 million in Seed Series Preferred Shares at a $17 million valuation and $1.75 million via a SAFE agreement, which will be converted into Series A-1 shares of GeoX.
It was also noted that if the total investment in the fundraising round exceeds $9 million (including the partnership’s investment), Sure-Tech will have the right to invest an additional amount based on its proportional share in GeoX. Upon completion of the fund’s investment, Sure-Tech will hold approximately 15.6% of GeoX’s capital on a fully diluted basis.
