Eyal Ofer injects $400m into second VC fund
Eyal Ofer, chairperson of Ofer World, a single of the controlling shareholders in Mizrahi Tefahot Bank and a shareholder in the Royal Caribbean Group cruise line corporation, is getting gain of falls in the industry to make investments in technological innovation firms at rather early stages. Ofer has invested $400 million of his particular capital to established up a 2nd fund of his undertaking capital company O.G.Tech, bringing his motivation to in excess of $500 million. Ofer, the son of Sammy Ofer and brother of Idan, is in the 2nd 1% of Forbes magazine’s wealthy listing, with a own fortune approximated at $13.6 billion.

Ofer established up the initially fund in 2017 with money of $100 million, supplying him a first foothold in the technologies entire world. The fund afterwards grew to $150 million to fulfill the will need for stick to-on expenditure in portfolio corporations. The partners controlling the fund are Ofer’s son David Ofer collectively with Ziv Kop and Roy Oron, both equally seasoned persons from the venture money sector. They have so significantly invested in a lot more than 20 late-phase startups.

Up to now, the fund has produced relatively modest exits, these kinds of as in Ensilo, Indegy and MyCheck, each individual sold for sums in the tens of tens of millions of pounds, and the flotation of Arbe Robotics, but it retains some quickly expanding businesses this kind of as personnel administration software organization Connecteam, computerized movie abridgement corporation WSC Athletics, and fintech platforms LendBuzz and BlueVine. At any level, the firm acknowledges that 5 exits from the initially fund have by now returned far more than half the original financial investment. It also reveals that it has 4 providers expected to surpass an once-a-year revenue level of $100 million in 2022.

Fund II will continue to aim on early growth startups that have a item and are at the start of revenue. Just one of the reasons that Ofer determined to broaden his investment decision in the business was to allow the companions greater flexibility in later on stage investments in get to keep its holdings. The fund aims to spend in 10 to 20 providers.

The Ofer Global team invested in technology organizations even right before O.G.Tech was founded. It invested in pre-IPO late-stage technology companies which include Fb and Uber. O.G. Tech is headquartered in Monaco with illustration in Tel Aviv by O.G. Tech Partners (Israel) and London with O.G. Tech (World wide).

“Technologies has turn out to be the world wide economy’s central anxious procedure,” Ofer mentioned. “Today, centered on the accomplishment of Fund I, we are quadrupling our investment decision in O.G. Tech for Fund II. As a solitary LP VC, O.G. Tech is dedicated to accomplishing company as a flexible extended-time period VC, without the need of possessing to concentrate on the small business of currently being a VC. Fund II marks the subsequent chapter in our extensive-term motivation to investing in and supporting interesting new technological innovation companies.”

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

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