Eyal Ofer, chairperson of Ofer World, 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 phases. 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 listing, 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 folks from the enterprise capital business. They’ve to date invested in additional than 20 late-stage startups.
To this point, the fund has made pretty modest exits, equivalent to in Ensilo, Indegy and MyCheck, every bought for sums within the tens of tens of millions of {dollars}, and the flotation of Arbe Robotics, however it holds some quick rising corporations equivalent to worker administration utility firm Connecteam, automated video abridgement firm WSC Sports activities, and fintech platforms LendBuzz and BlueVine. At any price, 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 price of $100 million in 2022.
Fund II will proceed to deal with early progress startups which have a product and are initially of gross sales. One of many causes that Ofer determined to develop his funding within the agency was to permit the companions better flexibility in later stage investments to be able to preserve its holdings. The fund goals to spend money on ten to twenty corporations.
The Ofer World 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 via O.G. Tech Companions (Israel) and London with O.G. Tech (World).
“Know-how has change into the worldwide financial system’s central nervous system,” Ofer stated. “At the moment, primarily based 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 deal with 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.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on September 8, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
