Israeli Startup Exits Below Peak: At-Bay and Bluevine

Two Israeli-founded companies sold in 2026 for less than half of their earlier private valuations. Munich Re announced on August 19 that it will buy cyber insurer At-Bay at a $575 million enterprise value, according to Munich Re's announcement. Valley National Bancorp announced on September 28 a $340 million deal for fintech Bluevine, which Calcalist reports is under half Bluevine's last-round valuation.

How do the At-Bay and Bluevine deals compare?

The At-Bay and Bluevine deals share a price range, a strategic buyer and a 2027 closing window, but they differ in structure. The table sets the main terms side by side.

How much did At-Bay sell for compared with its 2021 valuation?

At-Bay sold for a $575 million enterprise value, about 43 percent of the $1.35 billion post-money valuation it reported in 2021. Runtime Wire reports that the 2021 figure followed a $185 million Series D co-led by Icon Ventures and Lightspeed Venture Partners. Calcalist reports that At-Bay raised $308 million in total.

Rotem Iram and Roman Itskovich founded At-Bay in 2016. The Jerusalem Post reports that the company will join HSB, a Munich Re specialty unit, after the deal closes.

How much did Bluevine sell for, and who bought it?

Bluevine sold for about $340 million to Valley National Bancorp, paid 75 percent in cash and 25 percent in Valley common stock. FF News reports that the deal brings $2.1 billion in digitally sourced deposits and about 180 R&D staff, including engineers in Tel Aviv.

Finovate reports that Bluevine serves 175,000 small business customers and that its chief executive will join Valley as head of small business banking. Calcalist reports that Bluevine raised about $290 million in equity and also carried about $770 million in credit lines and debt agreements.

What does each buyer receive for its money?

Munich Re receives a top-ten US cyber insurer, and Valley National receives a large deposit base. Acquiry's deal analysis reports that At-Bay wrote $278 million in gross written premium and earned $23 million in cyber fee revenue in 2025. Acquiry also reports about 40,000 US business customers.

Olam's arithmetic puts the $575 million enterprise value at about 2.1 times that 2025 gross written premium. The multiple is a rough guide, because gross written premium is revenue before reinsurance and claims.

Valley National receives $2.1 billion in digitally sourced deposits. FF News reports that these deposits grew at a 35 percent compound annual rate since 2023. It adds that 99 percent come from customers who do not borrow. Funder Intel describes Valley as a $66 billion-asset bank.

FF News also reports that Valley expects the deal to add about 8 percent to its estimated 2028 earnings per share. The bank expects an initial 5 percent dilution to tangible book value and a three-year earn-back. On Olam's arithmetic, the $340 million price equals about 16 percent of Bluevine's deposit base.

NJBIZ reports that Valley also wants less reliance on third-party software and service providers. Bluevine's engineering, product and data science staff address that goal.

Can the 2021 and 2026 prices be compared like for like?

The 2021 and 2026 figures cannot be compared like for like, because they measure different things. A post-money valuation prices a company's equity at a funding round. An enterprise value adds debt and subtracts cash, so it does not show what shareholders receive, as Runtime Wire noted about the At-Bay price.

Bluevine adds a second gap. Calcalist reports roughly $770 million in credit lines and debt agreements next to about $290 million of equity raised. The $340 million price therefore does not map to investor returns either. The 43 percent figure for At-Bay is a marker of direction, not a measure of loss.

How much did the valuation multiple fall for At-Bay?

The valuation multiple for At-Bay fell from about 13.5 times sales in 2021 to about 2.1 times gross written premium in 2026, on Olam's arithmetic. The 2021 figure divides the $1.35 billion post-money valuation by the $100 million annual sales pace Iram described when the round was signed. The 2026 figure divides the $575 million enterprise value by the $278 million in 2025 gross written premium that Acquiry reports.

The two ratios use different numerators and different measures of sales, so they show direction, not precision. The direction is still clear. The premium base grew by almost 2.8 times, while the headline price fell by more than half.

Iram also told Calcalist that sales doubled in the year after the 2021 round. That growth did not protect the valuation, because the market that priced the 2021 round had reset by the time of the sale.

What did the At-Bay CEO say about the sale?

Rotem Iram told Calcalist on October 8 that the sale brought relief after years of defending the company's valuation. In the Calcalist interview with Iram, he said At-Bay turned profitable only in July 2026.

Iram described sales growth from about $1 million of insurance in 2019 to $25 million in 2020 and $100 million in 2021. He said the company was at a $70 million annual pace when he received the principles document for its March 2021 raise. Calcalist's introduction says Iram moved back to Israel because of October 7.

Who bought At-Bay and Bluevine, and what ties did they have?

Munich Re already knew At-Bay as a capacity provider and investor, while Valley National's largest shareholder is Bank Leumi, an Israeli bank. Business Insurance reports that HSB has supplied underwriting capacity to At-Bay and that Munich Re Ventures invested through its HSB fund. Calcalist reports that Leumi became Valley's largest shareholder after merging its US operations into Valley in 2022.

Olam's reading is that strategic buyers with prior exposure to a business or an Israeli shareholder base carry less diligence risk. That can support a price even when private valuations have reset.

Why do English outlets call these companies American?

English trade outlets label At-Bay and Bluevine as US companies, while Israeli outlets label them Israeli. Business Insurance calls At-Bay a US cyber insurer, and NJBIZ calls Bluevine a Jersey City fintech. Calcalist and The Jerusalem Post describe both as Israeli.

The label changes any count of Israeli exits. This article treats both as Israeli-founded companies, since Iram and Itskovich started At-Bay and Bluevine keeps engineers in Tel Aviv.

How do these exits fit Olam's earlier fintech coverage?

The At-Bay and Bluevine sales extend the exit record that Olam tracks in its Israeli fintech and public markets complete map. That map covers deals, payment rails and listings across the sector.

In June, Olam reported Cal's NIS 200 million Grow Payments purchase. It was the first exit of a nonbank Israeli payments company since the Bank of Israel opened domestic rails in August 2024. That deal had an Israeli buyer. At-Bay and Bluevine both sold to buyers outside Israel, one German and one American.

What should founders and investors watch before the deals close?

Founders and investors should watch three items before the deals close: regulatory approvals, the stock component of Bluevine's price, and what the founders do next. Munich Re expects the At-Bay closing in the first quarter of 2027 after regulatory approvals. Valley expects the Bluevine closing in early 2027 under the same condition.

The Bluevine price carries market risk, because 25 percent of the $340 million is paid in Valley common stock, according to FF News. On Olam's arithmetic, that is about $85 million in stock and about $255 million in cash. The announcement summaries reviewed by Olam do not detail the exchange terms, so the stock portion may move with Valley's share price.

The Jerusalem Post reports that both At-Bay founders are expected to join Munich Re's management after the deal. Finovate reports that Bluevine's chief executive will join Valley as head of small business banking. Olam reads founders staying inside the buyer as a way for the buyers to keep product knowledge in-house.

The Takeaway

Compare 2026 exit prices with 2021 marks only after separating enterprise value, equity value and debt. On Munich Re's price and Runtime Wire's 2021 valuation, At-Bay cleared at about 43 percent of its peak. Calcalist puts Bluevine below half of its last round. Watch the early 2027 closings for any change in price or terms.