Big-Tech 50 R&D raises NIS 85 million at TASE IPO

Big-Tech 50 R&D partnership raised more than 85 million shekels from institutional investors in an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE). The partnership focuses on large, privately owned Israeli technology companies valued at at least $ 250 million, annual revenues of at least $ 10 million, and which are growing by at least 30% year-on-year. Big-Tech 50 has already signed stock deals for four such companies: Fundbox, Payoneer, Via, and ironSource and five other deals are in progress. The largest investment, to date, is $ 2 million (7 million shekels) in Via, which developed a $ 2.3 billion ride-sharing platform, last March. The partnership purchases existing shares from the current shareholders of the company, as is usually the case by private subordinate funds. Big-Tech 50 partnership plans to invest the capital raised in the IPO in 15 targeted companies over the next year, with each investment reaching $ 2 million, rising over time to $ 5 million, with plans to gain ownership of 1 billion shekels in 50 companies within two years. This is TASE’s first investment vehicle. Big-Tech 50 R & D plans to create an index of the 50 largest privately owned technology companies in Israel and allow investment in them while they are in the pre-IPO phase or before they are sold to giant international companies. . Big-Tech is led by 50 entrepreneurs and managers with significant experience in venture capital and high-tech markets in Israel: Chairman and controlling shareholder of the partnership is Eric Cherniak, who founded Supersonic, and who was sold to the Israeli company IronSource for nearly $ 200 million, five He is currently the Managing Partner at Axon Ventures for years. The CEO in the partnership is Yochai Zeid, former CEO of ISP Finance Group and Executive Vice President of Gett Israel (formerly Get Taxi) and a consultant at the international consulting firm McKinsey.; The director and joint controlling shareholder is Tzachi Soltan, Chairman of Discovery Capital IPO and has more than 30 years of experience in the Israeli capital market. Institutional investors participated in the offer, which was conducted through the discount underwriting of capital and the underlying offering of value and the distributor of the offer was MD Premium. The show was supported by Advs. Itay Braffmann and Ady Ron of the law firm, Ze’ev Hollander. Zaid said, “The results of a successful initial public offering (IPO) show great confidence in the vision we have presented. The raised capital will help us invest in other private technology companies, to“ make them accessible ”to the market, with the goal of creating more value for investors. We invite shareholders in technology companies that Worth more than $ 250 million from now on to contact us. ” Posted by Globes, Israel business news – en.globes.co.il – February 4, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021