Playtech Founder Teddy Sagi Funds Smart Energy Start-Up
Gambling boss Teddy Sagi is planning to invest $3 million into a smart energy start-up, it has emerged. Sagi, an Israeli-born businessman, is the founder of gambling software developer Playtech and has also recently invested in a number of other technology and real estate businesses over the past several years.
The billionaire investor will now fuel $3 million into Israel-based start-up SmartGreen. Founded in 2014 and based in the city of Rehovot, the company develops and distributes a system that both monitors and optimizes energy consumption. SmartGreen has been marketing software as being suitable for deployment across factories, commercial properties, and hospitals, among a number of facilities that require higher energy consumption.
Reportedly, high-profile clients including HP Inc., McDonald’s Israeli branch, and Israeli supermarket chain Shufersal Ltd. have opted for SmartGreen’s products. London’s Camden Market, which Mr. Sagi purchased back in 2014, has also been revealed as one of the clients of SmartGreen.
According to the smart energy start-up’s official website, its software reviews and detects an organization’s sources of energy waste, and then optimizes the performance of these energy consumers to eventually reduce consumption by up to 25%.
Mr. Sagi’s $3 million investment comes after the smart energy consumption firm previously raised nearly $2 million to fund its activities.
Late last year, he announced that he would reduce his stake in the company he had found to just 21.6%. He offloaded further 4% of Playtech’s float in March. In June, he sold 11.5% of the gambling software developer to raise around £340 million to fund real estate acquisitions. That latest sale left him with a 6.1% stake in Playtech. He was the largest shareholder in the gambling company back in October 2016 with a 33.6% stake.
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