Venture Fund Backed by Big Name Angels Invests in Israeli Tech
The Genesis Angels fund, which is chaired by former Israeli Prime Minister Ehud Olmert, and boasts Yuval Rabin, son of the late prime minister Yitzhak Rabin, as a fund manager, has already invested $34.5 million in Israeli start-ups in the six months since its inception, Globes reported.
The fund has certainly benefited from the all-star cast associated with it. In addition to Olmert and Rabin, 34 year-old Kazakh businessman Kenges Rakishev, who has invested $20 million, and 32 year-old Mobli founder and CEO Moshe Hogeg are also investors.
Launched in April of this year, major investments have included $25 million for mobile hardware developer Sirim and $6 million in StoreDot Ltd., which is developing technology to charge an iPhone in 30 seconds, among other things.
“What matters to us in an investment is the synergy between companies, and the added value that we bring to the table through our business connections,” Hogeg told Globes. “A company like StoreDot, which specializes in energy storage, is very relevant in the mobile world, and a portfolio company like Sirim uses its technology, and connects it to its hardware developments for smartphones.”
He says that most of the investments are made in early rounds. “We don’t invest after the Series A round, which sets us apart from other investment funds.”
Known as Team Singular in Israel (The fund was sued by veteran fund Genesis Partners in a Tel Aviv District Court) the fund is likely to grow even larger as a foreign tycoon who prefers to remain anonymous recently came on board as a silent partner.