California's Group 11 completes first closing of fifth fintech fund
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.
“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.