iAngels, the private asset programme founded and helmed by Mor Assia and Shelly Hod Moyal, has today announced the close of its first institutional fund. The firm has raised $55.5 million, which was anchored by the European Investment Fund, which put in $25 million.
This introduces iAngels’ total assets under management to $300 million.
Until now, iAngels has operated in a very unique way. The platform has allowed accredited investors all over Israel and beyond to participate in private funding rounds of some of the best startups in Israel. That said, iAngels does all of the diligence on the startups, manages reporting requirement, and even writes the check before the consider is listed on the stage. In other names, the administer pour and asset process isn’t unlike an institutional fund, but instead the firm’s ability to share these deals with angel investors holds it extra fervour supremacy in these deals.
This framework also stands iAngels to negotiate on behalf of the members of the angels on the stage, admitting apartment for follow-on investment, which can be difficult for angels when they bet on a big winner. Thus far, iAngels has invested in 22 startups who have departed profitably, including eight more recent departures, including Arbe, eToro, Applitools and Simplex.
With the institutional fund , not much converts by way of operation. iAngels will still source the batches, do the due diligence, and chipped the check, but angels on its platform will be able to participate in these rounds.
Of the $55.5 million( 555 is a number that represents good fortune in Israel ), around two-thirds are being reserved for follow on. The remainder is set aside for guiding very early stages rounds in Israeli tech companies.
iAngels is most interested in doubled bottom line fellowships, with a special interest in startups working on climate tech, state tech, and food technologies.
The greatest challenge, and likewise the greatest opportunity, for iAngels, according to GP Mor Assia, is the sheer acceleration of the tech ecosystem stimulated by the coronavirus pandemic.
” There are new and more stores ,” said Assia.” There are tailwinds around certain sectors of innovation. Coronavirus has shown us that everything has been accelerated at a tempo we couldn’t envision. Everything is being propagandized unusually aggressively, including the KPIs and the growth of firms. To challenge companionships going forward to create same growing in the coming years is unquestionably going to be a challenge .”
Side note: Mor Assia will be joining us as a patron on tomorrow’s chapter of Extra Crunch Live, where she’ll give live feedback to Startup Alley Company who move their concoctions live. Don’t miss it .