Playtech Founder Invests in Energy Start-up
Teddy Sagi, the founder of iGaming giant Playtech, has revealed plans to invest a whopping $3 million into a smart energy start-up business, according to recent reports. Sagi, an Israeli-born entrepreneur, has invested in numerous other recent technological innovations and real estate businesses over the past few years, over and above his integral role at Playtech.
The billionaire and avid investor will soon pump $3 million into the Israeli-based energy start-up, SmartGreen. Established in 2014 and based in Rehovot, the firm is busy developing and distributing a system that assesses and optimises energy consumption for more environmentally friendly usage. SmartGreen has marketed its software as being usable by factories, hospitals and commercial properties – some of the facilities that traditionally consume high amounts of energy.
High-profile clients like the Israeli branch of McDonald’s, HP Incorporated, and local supermarket chain Shufersal Ltd have all chosen SmartGreen’s products. Even the London-based Camden Market, which Sagi acquired in 2014, is a client of the innovative energy start-up.
Sagi Goes Green
According to SmartGreen’s official website, its software both reviews and detects a client’s main sources of energy wastage. From there, it optimises the performance of these energy consumption verticals, reducing overall consumption by as much as 25%. Sagi’s investment has come just after the start-up previously raised over $2 million to fund its future projects and activities.
Sagi, whose net worth currently stands at well over $2.7 billion according to Forbes, has notably steered his investments away from the gambling industry over the past few years. He stepped into real estate in 2014 after acquiring Camden Market, buying the busy marketplace for a consideration of £400 million.
The businessman also has plans to invest a further £300 million into the market to develop the area into a tech and real estate hub boasting office space to accommodate a variety of business operations.
Exec Reduces His Playtech Stake
Sagi’s purchase of Camden Market was the first sign that the businessman was interested in diversifying his interests and moving away from gambling. He has also significantly reduced his stake in Playtech over the past 12 months, announcing last year that he would reduce his stake in the firm to just 21.6%.
In March, Sagi sold another 4% of the float of the company he founded, and later in June, he sold another 11.5% of the software expert in order to raise £340 million to fund real estate purchases. The latest sale left Sagi with just a 6.1% remaining stake – a massive drop from his place as the firm’s largest shareholder back in October 2016.