Israeli Investor Dov Frances Launches $1 Billion Funding Round on October 7th

Dov Frances, founder of the investment fund Group 11, revealed a significant investment move where the fund submitted a term sheet to lead a new funding round for a company at a valuation of $1 billion. Notably, the chosen date for this action was October 7th, the day of the Hamas attacks.

Frances explained that the selection of October 7th was intentional. He stated that the company's founders and management were directly impacted by the war. The company's founder, along with other executives, was in reserve duty on the morning of the attack. Frances recounted that the founder immediately went south after the massacre began, participated in fighting in the kibbutzim, and helped evacuate families before returning to manage the company weeks later.

Frances also used the announcement to highlight Group 11's continued investments in Israeli companies and entrepreneurs since the war's outbreak. He noted that since October 7, 2023, the fund has invested hundreds of millions of dollars in 15 companies, with over 80% of these investments going to Israeli founders, during a period when many investors hesitated due to uncertainty.

In June, Group 11 led a $260 million funding round for the company Dream at a valuation of approximately $3 billion. Frances indicated that Group 11 is expected to co-lead the new round with two other funds. He concluded his statement by linking the recovery of the Israeli high-tech sector to the events of October 7th, emphasizing the resilience of Israelis who fought on that day and returned to work days later. "The people of Israel live. October 7th. We will never forget," Frances wrote.