Merely 90 days had passed since Group 11 announced their intention to raise $100 million for their fifth FinTech fund. Today, the firm has announced a vastly-oversubscribed first closing with over $120 million in investor commitments.
Similar to its prior funds, Group 11 Fund V will invest primarily in Silicon Valley-based financial technology software companies often related to Israel through their founding teams and R&D centers.
Founded in 2012 by Dovi Frances Group 11 has over $400 million in assets under management.
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The fund has been an early backer of many FinTech startups disrupting the $16 trillion global financial services industry. Amongst them, companies such as Tipalti which completing its $150 million Series E at $2 billion valuations, Papaya Global completing its $100 million Series C at a $1.2 billion valuation, TripActions completing its $155 million Series E at a $5 billion valuation, Next Insurance completing its $250 million Series D at $2 billion valuations, Lili Bank, HomeLight, Sunbit, and EquityBee to name a few.
Group 11 Fund V is anchored by numerous US and Israeli based family offices and Israel’s largest institutional investors Harel Group and Migdal Insurance who were joined by Hachshara Insurance Company, Menora Mivtachim Insurance, True Capital Management, and More Investment House,
In addition to providing early stage capital, Group 11 continuously seeks to add value to its entrepreneurs by drawing on its team’s extensive financial services expertise. Group 11 also utilizes a broad limited partners network of high-profile institutional investors, tech entrepreneurs, and prominent Fortune 500 executives.
Dovi Frances, Managing Partner of Group 11 said: “Since the inception of Group 11 a decade ago, the impact of FinTech on transforming and revolutionizing the traditional financial services industry has increased dramatically. The Covid pandemic has further accelerated the FinTech Cambrian Explosion and we expect this digitization renaissance to last for decades to come. Group 11 has been fortunate to be at the forefront of this revolution as a partner of choice for many founders of young companies that over the past few years have evolved to become category-defining unicorns.
While we invest predominantly in US FinTech based companies, about 70% of our portfolio has emerged out of Israel with Israeli founders at the helm and R&D presence in Israel.
The same spirit of innovation that has inducted so many of our companies into the prestigious unicorn club, is also rooted in Group 11’s DNA which is why we are delighted to go where no venture capitalist has gone before and become accessible, fully transparent, and tradable as the first venture fund that offers its membership units on the Tel Aviv Stock Exchange (TASE), where Israeli institutional investors and Israeli accredited investors can buy, sell, and exchange ownership.
Guy Fischer, Chief Investment Officer and Deputy CEO of Migdal Insurance Company: “Following our announcement of our new FinTech investment arm, With 1.5-2 billion dollars to deploy in the next 2 years. It was natural for us to invest and partner with Group 11 and its impressive pipeline of FinTech investments. We are also proud to be the first investor in the innovative, publicly trade, TASE UP”
