Three months after Silicon Valley VC fund Group 11 announcement that it intended to raise $100 million for a fifth FinTech fund, the firm has announced an over-subscribed first closing in excess of $120 million in investor commitments.
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Group 11 Fund V will invest primarily in Silicon Valley-based financial technology software companies, many of which have ties to Israel either through their founders or R&D centers located there.
Founded in 2012 by managing partner Dovi Frances, Group 11 has been an early backer of many category-defining FinTech companies. The firm's early investments include TripActions, HomeLight, Next Insurance, Sunbit, Tipalti, Papaya Global, EquityBee, and Lili Bank.
Group 11 Fund V is anchored by institutional investors Migdal Insurance and Harel Group, who were joined by Menora Mivtachim Insurance, More Investment House, Hachshara Insurance Company, True Capital Management, and numerous other US and Israeli-based family firms.
In December 2020, Group 11 joined the Tel Aviv Stock Exchange as one of the first two listings on the TASE's new TASE UP index.
"Since the inception of Group 11 a decade ago, the impact of FinTech on transforming and revolutionizing the traditional financial services industry has increased dramatically. The COVID pandemic has further accelerated the FinTech Cambrian Explosion, and we expect this digitization renaissance to last for decades to come," Frances said.
