EIF Makes Major Investment in iAngels Ventures
iAngels, a VC company and investment platform founded by Mor Assia, David Assia, and Shelly Hod Moyal, secured $55.5 million in funding from business investors for its first institutional fund. Taking into account this funding, the VC business has roughly $300 million in total assets under management (AUM).
The fund, which is anchored by $25 million from the European Investment Fund (EIF), is designed for providing funding for high-tech startup companies located in Israel. EIF backing is a first major investment in the Israel startup ecosystem.
"The Israeli startup ecosystem has reached a new level of maturity, moving from ambitious startups to building sustainable billion-dollar tech companies with a global footprint," said iAngels Founding Partner Mor Assia.
“We are well-positioned now to lead rounds and provide significant support to our companies from inception to exit. We are proud that our portfolio companies are driving innovation and firmly believe that Israel is uniquely capable of cultivating technologies that will generate impact around the globe,” Assia added.
Besides EIF, 20 iAngels's portfolio company founders have also contributed to the fund’s closure. The list of startup founders includes Talmon Marco, founder and CEO of H2Pro and former founder and CEO of Viber and Juno; and Eyal Gura, co-founder of Zebra Medical Vision, as well as Kobi Marenko, Founder and CEO of Arbe Robotics. Marenko describes iAngels as “extraordinary” and “one of the best” VC companies around.
The fund aims to provide capital and backing for startup companies working on innovative high-tech solutions. Funding is designed to help startup companies that are positioned to further scale their global business.
The VC company has so far benefited from 22 exits and is in line to return more business capital to its investors than the entire amount of funding raised since iAngels launched in 2014. Eight exits alone — including eToro, Arbe, Applitools, and Simplex — represent an expected aggregated enterprise value of about $13 billion, according to the VC business.
Recent success has contributed to investors’ decision to choose Angels Ventures Fund as a vehicle for their business investment, notes Shelly Hod Moyal. The VC business has a global network of 20,000 members and is considered one of the most active business investors in Israel's startup ecosystem.
Werner Hoyer, the president of the European Investment Bank (EIB), says that the $25 million funding for iAngels Ventures isn’t a surprise given the bank’s focus on supporting innovation and small-and-medium enterprises (SMEs).
“The EIB Group is demonstrating a commitment to support innovative and dynamic businesses. EU backing for equity funds such as iAngels can play a role in creating an ecosystem for tech growth. Innovation and SMEs are crucial for Israel and the European Union as we work to increase competitiveness in local and global markets,” Hoyer added.
Israeli VC company iAngels closed its first institutional fund, iAngels Ventures, designed to provide business funding to high-tech Israeli startup companies. The Tel Aviv-based company now manages around $300 million in AUM.
About the Author
As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.