Israeli Investor Dov Frances Marks Oct. 7 with $1 Billion Funding Round Offer

Dov Frances, founder of the investment fund Group 11, revealed a significant investment move: the fund sent a term sheet to co-lead a new funding round for a company at a valuation of $1 billion. The offer was intentionally dated October 7, the day of the Hamas attacks.

Frances explained that the date was not coincidental, stating, "This morning we sent a term sheet to co-lead a $1 billion funding round. We dated it for October 7, intentionally." He noted 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 Hamas attack. Frances recounted that the founder went south after the massacre began, participated in fighting in the kibbutzim, and assisted in rescuing families before returning to manage the company weeks later.

Frances also highlighted Group 11's continued investment in Israeli companies and entrepreneurs since the war's outbreak. Since October 7, 2023, the fund has invested hundreds of millions of dollars in 15 companies, with over 80% of those investments going to Israeli founders, at a time when many investors hesitated due to uncertainty.

In June, Group 11 also 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 announcement by linking the recovery of the Israeli high-tech sector to the events of October 7, writing, "The terrorists came on Simchat Torah to destroy us. They received a generation that fought on Shabbat, and on Monday already arrives at the office to launch another product. Am Yisrael Chai. October 7. We will never forget."