Eyal Ofer, chairperson of Ofer International, one of many controlling shareholders in Mizrahi Tefahot Financial institution and a shareholder within the Royal Caribbean Group cruise line firm, is benefiting from falls out there to put money into 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 record, 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 satisfy 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 individuals from the enterprise capital business. They’ve up to now invested in additional than 20 late-stage startups.
To date, the fund has made pretty modest exits, comparable to in Ensilo, Indegy and MyCheck, every offered for sums within the tens of tens of millions of {dollars}, and the flotation of Arbe Robotics, nevertheless it holds some quick rising corporations comparable to worker administration utility firm Connecteam, computerized video abridgement firm WSC Sports activities, and fintech platforms LendBuzz and BlueVine. At any fee, 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 fee of $100 million in 2022.
Fund II will proceed to give attention to early development startups which have a product and are firstly of gross sales. One of many causes that Ofer determined to broaden his funding within the agency was to permit the companions larger flexibility in later stage investments with a purpose to preserve its holdings. The fund goals to put money into ten to twenty corporations.
The Ofer International 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 (International).
“Expertise has turn out to be the worldwide financial system’s central nervous system,” Ofer stated. “In the present day, based mostly 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 give attention to the enterprise of being a VC. Fund II marks the following chapter in our long-term dedication to investing in and supporting thrilling new know-how corporations.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on September 8, 2022.
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