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Japanese VC firm SoftBank invests $25 million in Israel's OurCrowd

Japanese VC firm SoftBank invests $25 million in Israel's OurCrowd
Japanese VC firm SoftBank invests $25 million in Israel's OurCrowd

OurCrowd, an Israel-based crowdfunding firm, has reportedly announced that SoftBank, the Japanese investment behemoth and one of the world's largest venture capital investors, has invested over $25 million in the company.

According to reports, the new investment would be used to further develop the platform and expand its investor base.

OurCrowd and Softbank also announced a strategic partnership to source opportunities of investment via SoftBank Investment Advisers (SBIA), a fully owned subsidiary of the firm, to analyze industry trends in a range of sectors, including quantum computing, AI, agriculture tech, mobility, health tech, and cybersecurity.

According to the statement, the alliance would also see SBIA and OurCrowd promote geographic development throughout their respective ecosystems.

Yossi Cohen, who stood down as chief of the Mossad in June 2021 after more than five years on the post, leads SoftBank's Israel activities.

Jon Medved, OurCrowd founder and CEO, stated that OurCrowd has known Softbank for a long time and has invested in the same portfolio firms. This present announcement resulted from a mutual willingness to collaborate more completely and effectively, hence the investment has both a strategic and financial element.

This month Pitchbook, a research company, designated OurCrowd as the most active venture capital investor in Israel, amid a record investment year for the local tech scene thus far.

OurCrowd also reported unprecedented growth this past year, with freshly registered customers increasing from 25,000 in 2020 to 75,000 in 2021, or a 300% rise.

SoftBank, which has over $340 billion in assets under management (AUM) globally, will become a minority shareholder in OurCrowd after the deal, and the parties will engage on a frequent basis as they collaborate strategically, according to Medved.

SoftBank has made investments in some of the globe's most successful firms, including DoorDash, Uber, Slack, ByteDance, Cruise, and — most notably — in Israel-based co-founded company WeWork.

It has also invested in various other Israeli companies, including cybersecurity firm Cybereason, social trading platform company eToro, and visual AI business AnyVision.

Source credit: https://www.timesofisrael.com/japans-softbank-buys-25m-stake-in-israeli-investment-firm-ourcrowd/

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.