Fintech Centered VC Group 11 raises $ 120 million for fifth Fintech fund

Group 11 claims to have raised $ 120 million in a “first largely oversubscribed shut” for its Fifth FinTech Fund.

The VC says it can make investments primarily in Silicon Valley-based fintech software program firms, usually linked to Israel via their founding groups and R&D facilities.

Beforehand, Group 11 had famous that roughly the vast majority of its portfolio was tied to Israel.

Based in 2012 by managing companion, Dovi Frances, Group 11 has supported FinTechs like TripActions, HomeLight, Subsequent Insurance coverage, Sunbit, Tipalti, Papaya International, EquityBee and Lili Financial institution. SoFi is a holding firm which is one among its exits. Tipalti lately booked a valuation of $ 5 billion. Papaya has raised $ 100 million for a valuation of $ 1.2 billion

Group 11 Fund V can be anchored by institutional buyers Migdal Insurance coverage and Harel Group, who have been joined by Menora Mivtachim Insurance coverage, Extra Funding Home, Hachshara Insurance coverage Firm, True Capital Administration and different household places of work based mostly in america and Israel.

Dovi Frances, Managing Companion of Group 11, stated that since its launch ten years in the past, the impression of Fintech has remodeled conventional monetary companies firms:

“The Covid pandemic has additional accelerated the Cambrian fintech explosion and we count on this digitalization renaissance to final for many years to return. Group 11 has been lucky to be on the forefront of this revolution as a companion of selection for a lot of founders of start-ups who, lately, have developed into unicorns that outline the class. . Though we make investments primarily in US fintech-based firms, round 70% of our portfolio is from Israel with Israeli founders on the helm and an R&D presence in Israel, so we’re naturally very joyful to welcome them. Israel’s largest institutional buyers within the Group 11 household. “

Frances additionally famous that Group 11 will change into accessible and tradable as the primary enterprise capital fund to supply its member models on the Tel Aviv Inventory Alternate (TASE), the place Israeli institutional buyers and accredited Israeli buyers can commerce securities. property rights.

Man Fischer, Chief Funding Officer and Deputy CEO of Migdal Insurance coverage Firm, stated:

“Following the announcement of our new FinTech funding arm, with 1.5 to 2 billion {dollars} to be deployed over the subsequent 2 years. It was pure for us to speculate and collaborate with Group 11 and its spectacular FinTech funding pipeline. We’re additionally proud to be the main investor within the progressive and publicly traded TASE UP sector ”

Group 11 stories greater than $ 400 million in property underneath administration.

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