HomeBusinessEyal Ofer injects $400m into second VC fund

Eyal Ofer injects $400m into second VC fund

Date:

[ad_1]

Eyal Ofer, chairperson of Ofer International, one of many controlling shareholders in Mizrahi Tefahot Financial institution and a shareholder within the Royal Caribbean Group cruise line firm, is making the most of falls out there to spend money on know-how corporations at comparatively early levels. Ofer has invested $400 million of his private capital to arrange a second fund of his enterprise capital agency O.G.Tech, bringing his dedication to over $500 million. Ofer, the son of Sammy Ofer and brother of Idan, is within the second 1% of Forbes journal’s wealthy checklist, with a private fortune estimated at $13.6 billion.

Ofer arrange the primary fund in 2017 with capital of $100 million, giving him a primary foothold within the know-how world. The fund later grew to $150 million to fulfill the necessity for follow-on funding in portfolio corporations. The companions managing the fund are Ofer’s son David Ofer along with Ziv Kop and Roy Oron, each skilled individuals from the enterprise capital business. They’ve up to now invested in additional than 20 late-stage startups.

To date, the fund has made pretty modest exits, similar to in Ensilo, Indegy and MyCheck, every offered for sums within the tens of hundreds of thousands of {dollars}, and the flotation of Arbe Robotics, nevertheless it holds some quick rising corporations similar to worker administration software firm Connecteam, automated video abridgement firm WSC Sports activities, and fintech platforms LendBuzz and BlueVine. At any fee, the agency acknowledges that 5 exits from the primary fund have already returned greater than half the unique funding. It additionally reveals that it has 4 corporations anticipated to surpass an annual income fee of $100 million in 2022.

Fund II will proceed to concentrate on early development startups which have a product and are at first of gross sales. One of many causes that Ofer determined to develop his funding within the agency was to permit the companions higher flexibility in later stage investments with the intention to keep its holdings. The fund goals to spend money on ten to twenty corporations.

The Ofer International group invested in know-how corporations even earlier than O.G.Tech was based. It invested in pre-IPO late-stage know-how corporations together with Fb and Uber. O.G. Tech is headquartered in Monaco with illustration in Tel Aviv by way of O.G. Tech Companions (Israel) and London with O.G. Tech (International).

“Expertise has change into the worldwide economic system’s central nervous system,” Ofer mentioned. “Right this moment, based mostly on the success of Fund I, we’re quadrupling our funding in O.G. Tech for Fund II. As a single LP VC, O.G. Tech is dedicated to doing enterprise as a versatile long-term VC, with out having to concentrate on the enterprise of being a VC. Fund II marks the subsequent chapter in our long-term dedication to investing in and supporting thrilling new know-how corporations.”

Printed by Globes, Israel enterprise information – en.globes.co.il – on September 8, 2022.

© Copyright of Globes Writer Itonut (1983) Ltd., 2022.


[ad_2]

LEAVE A REPLY

Please enter your comment!
Please enter your name here