Tech investor Unicorn Technologies plans Tel Aviv IPO

Yigal Landau / Photo: Eyal Izhar, Globes
Yigal Landau / Photo: Eyal Izhar, Globes

The limited partnership founded earlier this year sees the coronavirus crisis as "pushing technology companies to center stage."

In an attempt to benefit from the global strength of the technology sector and to ride the wave of successful IPOs on the Tel Aviv Stock Exchange, limited partnership Unicorn Technologies is making its way to the stock exchange. The partnership seeks to raise NIS 60 million in an offering of participation units.

Unicorn Technologies was founded earlier this year. Its four founders are well-known on the local capital market: Ligad Rotlevy and Yigal Landau, who are among the controlling shareholders in energy exploration partnership Ratio Oil Exploration (1992) LP (TASE:RATI.L); tech entrepreneur Yaacov (Yankele) Tenenboim; and Ronen Waisserberg, formerly investment manager at Clal Finance.

The general partner (Unicorn Technologies Management), held by the four founders, undertakes to inject NIS 10 million or 20% of the amount raised (the lower of the two), in the framework of the offering. The offering is being led by Rosario Underwriting, and will probably take place next week.

The general partner, which controls the partnership, will be entitled to "initiation fees" based on the partnership's income, as well as a $24,000 monthly management fee.

In a presentation made in advance of the offering, Unicorn Technologies states: "The coronavirus crisis has accelerated processes in the global economy, pushing technology companies to center stage", as "safe havens in a time of crisis". The partnership also identifies "a growing hunger on the part of Israeli investment institutions and private investors for technology companies."

According to the draft prospectus, "the main aim of the partnership is to deal, by itself and through its portfolio companies, in research and development in various fields," particularly technology, software, and the internet.

Unicorn Technologies says that it will invest an initial amount of $1-2 million in each portfolio company, and investments will be for three years on average. Initial investment in any specific project will not amount to more than 40% of the partnership's assets.

Ligad Rotlevy is chairman of Unicorn Technologies. The CEO is Amit Green, "who has 25 years experience in technology, finance, and entrepreneurship."

So far, Unicorn Technologies has agreed three investments amounting to $2.5 million in aggregate. Two are subject to completion of the offering: in Bobile, which develops applications for small businesses, and WipeFlush, which develops environmentally friendly fabrics for the wipes industry. The third is in SaverOne, which is developing technology to prevent drivers making unsafe use of their telephones. SaverOne recently made its IPO. Unicorn invested just over $500,000 in the company immediately before the IPO and in the IPO itself, and holds about 1.5% of it.

Yaacov Tenenboim is chairman of SaverOne and of Bobile, but Unicorn Technologies says that he does not serve in those capacities on behalf of the partnership.

Published by Globes, Israel business news - en.globes.co.il - on September 1, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yigal Landau / Photo: Eyal Izhar, Globes
Yigal Landau / Photo: Eyal Izhar, Globes
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