Overseas investor joins Ofers in start-up fundings

The foreign investor will make financial, not strategic, investments in the companies.

Sources inform ''Globes'' that Ofer Holdings Group subsidiary Ofer Hi Tech Ltd. is in negotiations with a foreign financial advisor on a joint investment program for companies that graduate from Naiot Venture Accelerator, the incubator owned by Ofer Hi-Tech. The goal is to increase the sources of follow-on funding of the incubator companies. Ofer Brothers did not disclose the identity of the foreign investor.

Under the pending program, the foreign investor will make joint investments with Ofer Hi Tech in portfolio companies' first financing rounds of up to a few million dollars per company.

Naiot will undertake to propose a predetermined number of projects each year. These projects are not required to be projects that graduated from Naoit. The foreign investor will decide which projects to make the joint investments in, and has the right to reject up to a maximum number of projects.

The foreign investor is a mid-sized firm. It will make financial, not strategic investments, in the companies.

Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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