Frances and its Group11 fund will also be joined by the Israeli startup Veev, and they will be the first to raise capital in the TASE UP arena of the Tel Aviv Stock Exchange.
Photo: Group 11
Israeli investor Dubi Frances announced today (Tuesday) the issuance of a new $ 100 million fund on the Tel Aviv Stock Exchange. The issue symbolizes a precedent because this is the first time that an Israeli capital fund has offered investors in the Tel Aviv Stock Exchange to be partners and get a complete picture of its performance. In addition, the stock exchange announced the issuance of the old Israeli real estate-tech company Veev with the help of the new TASE UP platform.
Valuations of billions of dollars
Frances, a founding partner in Group 11 of Silicon Valley, invests mostly in fintech companies, including TripActions, which has developed a business travel planning platform and has reached a value of over $ 4 billion; Tipalti, which develops automated solutions for transferring global payments and has grown to a value of more than $ 2 billion; And the Israeli insure company Next Insurance, which also became a unicorn this year.
The fifth fund of Group 11 to be raised with the help of investors’ money on the Tel Aviv Stock Exchange is the first fund to be traded on the TASE UP arena of the Stock Exchange. As you may recall, this arena enables technology and real estate companies to trade on the Tel Aviv Stock Exchange, through the stock exchange’s trading and clearing infrastructure. Among other things, thousands of qualified investors – that is, investors with liquid assets of at least NIS 8 million – and institutional entities will be able to take part in the investment.
In response to the announcement, Dubi Frances, founder of Group 11, said: “Gone are the days when venture capitalists talked a lot, but reflected very little to the public. From today, Group 11’s performance is available to all and we will continue to report on our median performance through the stock exchange. This is the opening shot for what will become the standard in the coming decades – the availability of venture capital funds also to qualified investors and institutional investors through a central platform, which allows free purchase and sale of their limited partnership rights in the fund. Full transparency of performance will lead to a natural selection of the best performing funds. ”
Startup Veev is raising $ 50 million on the stock market
Another startup that will join the Tel Aviv Stock Exchange is Veev, which will raise $ 50 million. The Israeli startup offers a more economical and efficient construction method based on prefabricated construction – a construction method based on building materials produced in the factory and brought directly to the construction site. The key components in their prefabricated construction system include the use of mild steel for the casing, and acrylic material for cooling and work surfaces. Prefabricated construction promises to reduce construction costs and labor time compared to traditional construction, and the amounts of waste accumulated from this construction method are significantly lower than traditional construction.
Veev has offices in San Francisco and Tel Aviv, with a total of 280 employees – 218 in the United States and 62 in Israel. The company has raised about $ 90 million to date from investors such as Lennar, the American construction company, Zeev Ventures Khosla Ventures, Eclipse Ventures, Group 11 and the Purple family.
According to the stock exchange, this was the peak year in Ahad Ha’am since 2007, and 19 technology companies joined it, including 5 R&D partnerships, out of a total of 30 new companies.
Yaniv Avital
Giktiim website editor. Do you have an idea for the article? A secret tip? leak? Waiting for you at [email protected]
