Sources inform ''Globes'' that the Incubator Administration has revoked the license of the Granot Ventures (formerly Yozmot Granot Initiative Center) in Hadera.
Granot Ventures chairman and CEO Ori Katz Oz and its administration declined to respond to the report.
Granot is operated by BHCO Group, owned by French businessman Charles Uriel Amar, which began operating in Israel in 2007. Amar raised capital from several investors, including evacuees from Gush Katif, with the promise of a fixed 5% monthly return on investment. After failing to return the money in full for a long time, he returned to France still owing money to most of the investors.
Amar invested several million dollars in commodities, cleantech ventures, and Granot Ventures. Most of the money remained at Granot after Amar left the country. Since Katz Oz took over the running of Granot, after previously serving as the life sciences investment manager at TechnoPlus Ventures Ltd. (TASE:TNPV), he has operated without any other major investors.
Amar's conduct did not result in the revoking of Granot's license before, because its administration was under the impression that he was no longer involved with it, and that the incubator had a reasonable level of financing. The Incubator Administration has apparently decided to revoke the license now because it no longer meets threshold conditions, such as the supplementary financing that it must provide portfolio companies, investment in managing the companies, and the cap it collects from them.
The revoking of Granot's license brings the number of available incubator franchises to seven. The franchises for four incubators have expired, and their current franchisees intend to bid to continue operating them. Franchises for three other incubators will be offered by tender for other reasons. Biomedix Incubator Ltd. (TASE:BMDX) subsidiary Gefen Biomed Investements Ltd. (TASE: GEFEN) voluntarily gave up its franchise to Meytav Technological Enterprises Innovation Center Ltd. in Kiyrat Gat, because it already operates Ashkelon Technological Industries (ATI); Technion Seed's investor group was liquidated, and one of them, ProSeed Venture Capital Fund (TASE:PRSD), will bid in the tender with a new group of investors; and now Granot Ventures.
Published by Globes [online], Israel business news - www.globes-online.com - on April 4, 2012
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