Less than a year after launching, venture capital fund First Time has completed an investment round upwards of $60 million, 50% higher than their initial goal.
The fund, which focuses on internet and media startups, supplies investments up to $2 million and professional assistance in the fields of technology development, capital financing, and regulation. The fund does not operate on commissions, which tend to otherwise be around 25 percent.
At the head of the fund are co-funders of startup incubator The Time, Ilan Shiloah and Nir Tarlovsky, as well as Jonathan Benartzi, the CEO of video distribution company LATTO and late prime minister Yitzhak Rabin’s grandson.
First Time is based primarily on those three partners’ joint initial investment of about $6 million, as opposed to the minimum personal investments that other venture funds typically demand of their investors.
First Time’s portfolio includes several companies active in different kinds of new media, many whose previous investment rounds were facilitated by The Time and through other international financial institutions. The startups cover the gambit of professional fields, including but not limited to health management, video optimization, social media, hiking, and copyright protection.
Among those companies is Playbuzz, an initiative of Shaul Olmert, which creates a platform that promotes “playful content” like quizzes or surveys to drive traffic and increase website session length.
Also in the fund’s family of companies is TalkSpace, under the management of Oren Frank, which facilitates live therapy sessions via mobile. The company promotes “over 200 professional licensed therapists” ready to chat at any time, offering sessions for individuals and couples. Additionally, Miki Tamir’s Pixellot has developed tech to reduce the cost of live video broadcasts that bills itself as an “ultra-high-resolution unmanned video capture system.”
Other companies emerging from The Time include pet health company Oggii, copyright management firm Corrigon, and cleantech company Greenlet.