February 5, 2023

Eyesurgmi

The Joy Of Businnes

Eyal Ofer injects $400m into second VC fund

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Eyal Ofer, chairperson of Ofer Worldwide, one of the managing shareholders in Mizrahi Tefahot Bank and a shareholder in the Royal Caribbean Group cruise line organization, is getting gain of falls in the marketplace to make investments in technological innovation firms at relatively early levels. Ofer has invested $400 million of his personalized money to set up a 2nd fund of his venture funds company O.G.Tech, bringing his motivation to above $500 million. Ofer, the son of Sammy Ofer and brother of Idan, is in the next 1% of Forbes magazine’s prosperous list, with a personalized fortune believed at $13.6 billion.

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Ofer established up the initial fund in 2017 with funds of $100 million, offering him a initial foothold in the engineering globe. The fund later on grew to $150 million to satisfy the need to have for adhere to-on financial commitment in portfolio organizations. The companions handling the fund are Ofer’s son David Ofer together with Ziv Kop and Roy Oron, each seasoned individuals from the venture cash business. They have so far invested in extra than 20 late-phase startups.

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Up to now, the fund has designed reasonably modest exits, these types of as in Ensilo, Indegy and MyCheck, each and every bought for sums in the tens of thousands and thousands of bucks, and the flotation of Arbe Robotics, but it retains some quick developing providers this sort of as staff administration software company Connecteam, automatic video abridgement company WSC Athletics, and fintech platforms LendBuzz and BlueVine. At any level, the agency acknowledges that five exits from the initial fund have already returned far more than half the first financial commitment. It also reveals that it has four corporations expected to surpass an annual profits rate of $100 million in 2022.

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Fund II will proceed to emphasis on early advancement startups that have a item and are at the start out of product sales. One particular of the causes that Ofer determined to grow his investment in the agency was to permit the partners greater flexibility in later stage investments in buy to sustain its holdings. The fund aims to make investments in ten to 20 businesses.

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The Ofer Global group invested in engineering firms even prior to O.G.Tech was established. It invested in pre-IPO late-phase know-how providers together with Facebook and Uber. O.G. Tech is headquartered in Monaco with representation in Tel Aviv by means of O.G. Tech Partners (Israel) and London with O.G. Tech (Worldwide).

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“Technological know-how has grow to be the global economy’s central anxious method,” Ofer claimed. “Nowadays, primarily based on the accomplishment of Fund I, we are quadrupling our expense in O.G. Tech for Fund II. As a solitary LP VC, O.G. Tech is dedicated to undertaking company as a versatile prolonged-phrase VC, without having acquiring to aim on the company of being a VC. Fund II marks the up coming chapter in our prolonged-expression motivation to investing in and supporting interesting new technological innovation corporations.”

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Posted by Globes, Israel organization news – en.globes.co.il – on September 8, 2022.

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

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