Singapore Fund Seeks Receiver for OpenWeb Over $20 Million Debt

Singaporean debt fund Mars Growth Capital has asked a Tel Aviv court to appoint a receiver for the Israeli tech company OpenWeb Technologies, citing a debt of approximately $20.01 million. The fund is contesting OpenWeb's request for temporary relief and simultaneously seeking to enforce its security interests and seize the company's assets in Israel, including bank accounts and intellectual property.

Mars Growth claims OpenWeb misrepresented its financial situation, stating the company has over $6.18 million in liquid assets available despite claiming a lack of liquidity to the court. The fund also pointed to a significant decline in OpenWeb's 2025 financial performance, with revenues of about $121.5 million against a forecast of $193.7 million, and an EBITDA loss of roughly $28.4 million.

Further complicating matters, Microsoft reportedly canceled its contract with OpenWeb in February 2026 due to concerns about inauthentic user traffic, a development allegedly concealed from Mars Growth. This downturn has drastically reduced OpenWeb's valuation from a previous high of $1.3 billion to between $97 million and $100 million.

In response to its deteriorating financial state, OpenWeb announced a significant restructuring plan in September, including laying off 55% of its workforce, closing operations, and seeking an urgent $19 million capital injection from shareholders. Mars Growth stated it engaged in extended negotiations with OpenWeb and its major investors, including Insight Partners, to facilitate a recovery or sale, but believes the company delayed necessary actions and provided misleading information, leading to its current insolvency.

The fund is demanding the court reject OpenWeb's requests for a stay of proceedings, enforce the security interests, and appoint a permanent receiver. The Tel Aviv District Court is expected to hear the case in the coming days.