Fintech Targeted VC Group 11 Raises $120 Million for Fifth Fintech Fund

Group 11 reviews that it has raised $120 million in a “vastly-oversubscribed first closing” for its Fifth Fintech Fund.

The VC says it would make investments primarily in Silicon Valley-based Fintech software program corporations typically associated to Israel by way of their founding groups and R&D facilities.

Beforehand, Group 11 famous that roughly nearly all of its portfolio is Israeli-related.

Based in 2012 by managing associate, Dovi Frances, Group 11 has backed Fintechs like TripActions, HomeLight, Subsequent Insurance coverage, Sunbit, Tipalti, Papaya International, EquityBee, and Lili Financial institution. SoFi is a portfolio firm that’s one in every of its exits. Tipalti just lately booked a $5 billion valuation. Papaya raised $100 million at a $1.2 billion valuation

Group 11 Fund V is alleged to be anchored by institutional buyers Migdal Insurance coverage and Harel Group, who had been joined by Menora Mivtachim Insurance coverage, Extra Funding Home, Hachshara Insurance coverage Firm, True Capital Administration, and different US and Israeli primarily based household places of work.

Dovi Frances, Managing Associate of Group 11, stated that since its launch a decade in the past the influence of Fintech has been remodeling conventional monetary companies companies:

“The Covid pandemic has additional accelerated the Fintech Cambrian Explosion and we count on this digitization renaissance to final for many years to return. Group 11 has been lucky to be on the forefront of this revolution as a associate of selection for a lot of founders of younger corporations that over the previous few years have developed to change into category-defining unicorns.  Whereas we make investments predominantly in US Fintech primarily based corporations, about 70% of our portfolio has emerged out of Israel with Israeli founders on the helm and R&D presence in Israel so naturally we’re more than happy to welcome Israel’s largest institutional buyers into the Group 11 household.”

Frances additionally famous that Group 11 will change into accessibleand tradable as the primary enterprise fund that gives its membership items on the Tel Aviv Inventory Change (TASE), the place Israeli institutional buyers and Israeli accredited buyers can commerce possession.

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

“Following our announcement of our new FinTech funding arm, With 1.5-2 billion {dollars} to deploy within the subsequent 2 years. It was pure for us to take a position and associate with Group 11 and its spectacular pipeline of FinTech investments. We’re additionally proud to be the primary investor within the revolutionary, publicly commerce, TASE UP”

Group 11 reviews over $400 million in property below administration.