Saffron Tech raises approximately $1.5 million

Sativus Tech Corp. announced Saffron Tech, the company’s subsidiary, has announced its intention to raise up to 5 million New Israeli Shekels (“NIS”) (approximately $1.5 million) at a pre-money valuation of NIS 32.5 million (approximately $10 million) through the Israeli crowdfunding platform – Pipelbiz. Assuming the maximum amount is raised, the company will own approximately 61% of Saffron Tech.

This crowdfunding financing follows similar financing completed by Saffron Tech in early 2021. In the past two months, Saffron Tech also raised NIS 800 thousand (approximately $242 thousand) through the issuance of SAFE’s. The SAFE’s are convertible at a 20% discount to the current crowdfunding round.