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California's Group 11 completes first closing of fifth fintech fund
The group has invested in startups including Next Insurance and Papaya Global, while founding partner Dovi Frances said two more so-called unicorns are on the way in the portfolio within the next 90 days, without naming them.
California-based venture capital firm Group 11 has completed the first closing of its fifth fintech fund, raising more than $120 million from investors.
The group has invested in startups including Next Insurance and Papaya Global, while founding partner Dovi Frances said two more so-called unicorns are on the way in the portfolio within the next 90 days, without naming them.
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“The opportunities in the financial technology sector have not waned,” Frances said in an interview. “Covid-19 has accelerated lots of things.”
Group 11 was founded in 2012 and its latest fund will invest primarily in Silicon Valley-based fintech software companies often connected to Israel through founding teams and research and development centers, it said in a statement.
The venture capital group has more than $400 million under management, and said it latest fund received backing from Israeli institutional investors including Migdal Insurance and Harel Group. Group 11’s fourth fund, from 2019, has garnered a nearly 90% internal rate of return so far, according to data provided by Frances.
