Tmura, the Israeli Public Service Venture Fund, announced that it has broken the $10 million mark in donations from startups for nonprofit causes and charities.
It was founded in 2002 by Vertias Venture Partners founding partner Yadin Kaufmann to increase the involvement of the high-tech community in non-profit activity in Israel, with a focus on education and other youth related initiatives. Tmura gets its donations in the form of equity of 0.5 to 1% of the company’s early stage value from Israeli and Israel related high tech startups. The equity is liquidated after an exit or an IPO by the donor company and the funds are then donated to the recipient charities.
It also generates additional funding for the community by operating matching grants programs and managing corporate foundations.
Tmura is the Hebrew word for change or metamorphosis and also means value for money; it is also a play on the word “truma”, which means donation.
As of the end of September, 358 companies have donated options to Tmura, including 48 that joined since the start of 2014. Recent additions to its portfolio include: Arcuro Medical, Zebra Medical, QualiSystems, MedAware, Bringg, Abe’s Market, Take & Make, Datorama, Cimagine Media, ZUtA Labs, TipRanks, and Everything.Me.
Recipients of Tmura’s largesse have included the Tel Aviv Rape Crisis Center, Lead, an organization dedicated to developing the next generation of young leaders, Big Brothers Big Sisters of Israel, Value Sports, The Yaacov Herzog Center and many more.
Donor companies which have had successful exits have included Allot, Audio Codes, Waze, Wix, XtremIO, Vringo, Dune Networks, Crossrider, InterCure and many more.