The Israeli digital post-press manufacturer floated on the Tel Aviv Stock Exchange (TASE) at the end of 2020. The IPO was over-subscribed, and valued Highcon at $165m after the offering, with the business raising $45m.

Yesterday (2 March), it filed a report with TASE announcing its latest fund raising. Two of Israel’s largest insurance companies led the investment round and increased their stake in the business further to its 2020 flotation.

Highcon said the latest investment further strengthens its already healthy balance sheet.

“Highcon has great momentum at the moment, and the capital we are raising today will allow us to continue accelerating and executing our aggressive business plan,” said Highcon CEO Shlomo Nimrodi.

“We laid the foundations for long term growth in 2021 and are looking to roughly double our revenues in 2022. I’d like to thank the investors for participating and for their vote of confidence in Highcon.

“We’ll do everything possible to unlock the huge opportunity that awaits us in the packaging market.”

Earlier this year Highcon released an unaudited forecast for its 2021 revenues that showed year-on-year growth of around 70% to $14.3m. It forecasted that its 2022 revenues would be in the range of $25m-$30m. The business reported estimated 2021 year-end cash balances of $23.7m.