Israeli Investor Dov Frances Launches $1 Billion Deal on October 7th Anniversary
Translated & summarized from Ice by baba
Israeli businessman Dov Frances announced a $1 billion funding round co-led by his firm, Group 11, on the third anniversary of the October 7th attacks. The timing was a deliberate tribute to the resilience of Israeli entrepreneurs, including founders who fought on that day. Group 11 has invested heavily in Israeli tech since the attacks, and Frances expressed pride in the nation's technological strength and determination.
The story in 5 lines · by baba
- Dov Frances announced a $1 billion funding round co-led by his firm, Group 11, on October 7th.
- The deal's timing was a deliberate tribute to Israeli resilience and founders who fought on October 7th.
- Group 11 has invested hundreds of millions in 15 companies, mostly with Israeli founders, since October 7th.
- Frances highlighted the company's co-leadership of Dream's $260 million round at a $3 billion valuation in June.
- The investor concluded with a message of Zionism, resilience, and Israeli technological strength.
Israeli businessman and investor Dov Frances, founder and owner of the investment fund Group 11, announced a significant business move on Wednesday, coinciding with the three-year anniversary of the October 7th massacre. Frances sent a term sheet to co-lead a new funding round for a company at a valuation of $1 billion. He explicitly stated that the timing of this deal was deliberate and symbolic.
In a LinkedIn post, Frances explained that the date was chosen to honor the heroism of the company's founders, many of whom were in uniform on October 7th. He recounted how one founder, after fighting Hamas terrorists in southern kibbutzim and rescuing families, returned to manage his company just weeks later. Frances emphasized Group 11's continued commitment to the Israeli high-tech industry and local founders, even amidst economic and security uncertainty.
Since October 7, 2023, Group 11 has invested hundreds of millions of dollars in fifteen companies, with over 80% going to Israeli founders, during a period when many investors hesitated. Frances also highlighted Group 11's co-leading of Dream's $260 million funding round in June, which valued the company at $3 billion. He expressed pride in co-leading the current $1 billion round alongside two other partner funds.
Frances concluded his message with a strong statement of Zionism, resilience, and the technological prowess of the current generation of Israeli entrepreneurs. He drew a parallel between the ancient prophecy of "out of Zion shall go forth Torah" and today's innovation in code, chips, and cyber, built by those who wore uniforms just three years prior. He asserted that the terrorists who attacked on Simchat Torah aimed to destroy Israel, but instead encountered a generation that fights on Shabbat and returns to work on Monday to launch new products, concluding with "Am Yisrael Chai. October 7th. We will never forget."
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