Eyal Ofer, chairperson of Ofer International, one of the crucial controlling shareholders in Mizrahi Tefahot Financial institution and a shareholder within the Royal Caribbean Crew cruise line corporate, is making the most of falls available in the market to spend money on era firms at rather early phases. Ofer has invested $400 million of his non-public capital to arrange a 2nd fund of his undertaking capital company O.G.Tech, bringing his dedication to over $500 million. Ofer, the son of Sammy Ofer and brother of Idan, is in the second one 1% of Forbes mag’s wealthy listing, with a non-public 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 era international. The fund later grew to $150 million to fulfill the desire for follow-on funding in portfolio firms. The companions managing the fund are Ofer’s son David Ofer along with Ziv Kop and Roy Oron, each skilled folks from the undertaking capital trade. They’ve up to now invested in additional than 20 late-stage startups.
Prior to now, the fund has made moderately modest exits, reminiscent of in Ensilo, Indegy and MyCheck, every bought for sums within the tens of tens of millions of greenbacks, and the flotation of Arbe Robotics, but it surely holds some rapid rising firms reminiscent of worker control software corporate Connecteam, computerized video abridgement corporate WSC Sports activities, and fintech platforms LendBuzz and BlueVine. At any fee, the company recognizes that 5 exits from the primary fund have already returned greater than part the unique funding. It additionally unearths that it has 4 firms anticipated to surpass an annual income fee of $100 million in 2022.
Fund II will proceed to concentrate on early enlargement startups that experience a product and are firstly of gross sales. One of the vital causes that Ofer determined to make bigger his funding within the company used to be to permit the companions better flexibility in later degree investments with a purpose to care for its holdings. The fund goals to spend money on ten to 20 firms.
The Ofer International crew invested in era firms even ahead of O.G.Tech used to be based. It invested in pre-IPO late-stage era firms together with Fb and Uber. O.G. Tech is headquartered in Monaco with illustration in Tel Aviv via O.G. Tech Companions (Israel) and London with O.G. Tech (International).
“Generation has transform the worldwide economic system’s central worried machine,” Ofer mentioned. “Lately, in accordance with the good fortune of Fund I, we’re quadrupling our funding in O.G. Tech for Fund II. As a unmarried LP VC, O.G. Tech is dedicated to doing trade as a versatile long-term VC, with no need to concentrate on the trade of being a VC. Fund II marks the following bankruptcy in our long-term dedication to making an investment in and supporting thrilling new era firms.”
Revealed by means of Globes, Israel trade information – en.globes.co.il – on September 8, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
