Popular Israeli investor Dovi Frances and his Group 11 fund are heading for a $100 million Tel Aviv Stock Exchange (TASE) IPO. This marks the first ever Israeli VC that offers stock market investors to be partners and invest in the fund. Furthermore, through the recently launched TASE Up platform, veteran real-estate-tech company Veev also announced its IPO.
Valuation in the billions
Frances, Silicon Valley’s Group 11 founding partner, generally invests in the Fintech sphere. Among the group’s funding are TripActions, which developed a business travel platform, and has surpassed the $4 billion valuation mark; Tipalti, which automates global accounts payables and has reached a valuation of over $2 billion; and Israeli InsurTech Unicorn Next Insurance.
Group 11’s 5th fund that will be funded through stock market investors will be the first ever VC fund financed through the TASE Up platform. Just to remind you the platform allows tech and real-estate companies to be traded on the Tel Aviv Stock Exchange, as another investment channel for the private companies. Through the platform thousands of accredited investors - with at least $2.4 million in liquidated assets - can take part in the backing, along with institutional investors as well.
In response to the IPO, Frances noted: "Long gone are the days where venture capitalists talk a big game but their performance is not shared publicly for all to see. From here on Group 11 performance is open for all to see and we will continue to report it semi-annually on the TASE website. Today is the opening shot to what is bound to become the standard over the coming decades - Venture capital funds ought to also be accessible to accredited investors and institutional investors through a centralized stock exchange that allows investors to buy and sell their limited partnership ownership whenever they deem fit. Full transparency into performance will create a natural selection of top performing funds seeking to be listed on TASE UP… We are certain that many more funds and companies will follow our footsteps in the coming years."
Israeli startup Veev scores $50M from TASE
Another startup joining the TASE Up platform is Veev, which will raise $50 million from the move. The startup provides an efficient and cost effective method of prefabricated construction - bringing building materials straight from the factory to the construction site. Veev is vertically integrating technology, design, modular fabrication, and building to make better quality homes, at a fraction of the cost, four times faster than the industry standard.
Veev has a team of 280 employees, split between San Francisco and Tel Aviv based offices. The company has raised $90 million to date from investors such as Lennar, Eclipse Ventures, Zeev Ventures, Khosla Ventures, Group 11, and the Sagol Family.
Amit Haller, CEO and Co-Founder of Veev: "Veev's mission from the start has been to bring exceptional living to everyone. We're rethinking established norms in construction with a sustainable, technology-driven homebuilding approach that allows us to build better homes. TASE is home to some of the world's most innovative companies and investors, and now they've built an innovative platform that enables even broader investor participation. As the first company to list on TASE UP, we're opening the door for like-minded investors to join us in realizing our vision."
According to the Tel Aviv Stock Exchange, this marks a record year with the highest number of listings since 2007, mostly emerging from the technology sector with 19 technology companies including 5 R&D partnerships out of a total of 30 new listings.