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Future Fund – government tech start-up bailout scheme how it works

Originally written by Timothy Adler on Growth Business

UPDATED: The Future Fund is now open to British start-ups that until now have been blocked because they moved to the US to attract investors. UK companies that have taken part in accelerator programmes and were required, as part of that programme, to have parent companies outside the UK can now apply for investment. This

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 Rishi Sunak, Future Fund concept

Chancellor Rishi Sunak has launched a £250m Future Fund for tech start-ups

UPDATED: The Future Fund is now open to British start-ups that until now have been blocked because they moved to the US to attract investors.

UK companies that have taken part in accelerator programmes and were required, as part of that programme, to have parent companies outside the UK can now apply for investment. This will allow tech entrepreneurs who have moved their legal headquarters overseas to raise funds to participate.

>See also: British start-ups with American investors to qualify for Future Fund

Accelerator programmes, such as TechStars or Y-Combinator, give businesses access to finance, mentorship and expert networks.

Participants in accelerator programmes are often required to set up a non-UK parent company in order to participate which means some did not meet the Future Fund criteria of having a UK parent company when it opened for applications in May.

The Future Fund opened to applications on Wednesday, May 20 2020.

The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5m, subject to at least equal match funding from private investors.

These convertible loans may be suitable for businesses that typically rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.

You can find the convertible loan note agreement here.

To date, more than 320 companies have benefited from £320 of support from the fund.

The government could end up with stakes in a number of UK tech start-ups via the programme.

>See also: Future Fund approves just approves 10% of loan applications

Rishi Sunak, the chancellor, said: “Our start-ups and innovative firms are one of our great economic strengths. As we begin to bounce back from coronavirus, they will help drive our recovery and create new jobs. This change means that those start-ups who have strived to be the very best, and taken opportunities to grow their business, will be able to benefit from our world-leading Future Fund.”

Business secretary Alok Sharma added: “As we restart our economy, it is crucial that our innovators and risk-takers get all the support they need to flourish. Our decision to relax this rule recognises the importance of many of the UK’s most cutting-edge start-ups as we bounce back from coronavirus.”

Future Fund how it works

The £500m Future Fund issues convertible loans between £125,000 to £5m to innovative companies that are facing financing difficulties due to the Covid-19 outbreak.

These loans have to be matched by private investors.

>See also: Government eyes taking equity stakes in tech start-ups

These loans are for three years and are charged at an interest rate of 8 per cent.

Crucially, the government could end up owning half of some of Britain’s fastest-growing tech businesses. Future Fund loans may convert to equity at a discount of at least 20 per cent when companies undergo their next funding round.

What if I haven’t previously raised £250,000?

Because the scheme is only open to start-ups that have raised at least £250,000 over the past five years, Stephen Page, CEO of start-up investor SFC, says the Future Fund ignores true start-ups.

Page says: “It seems quite plausible that government co-investment will instead primarily benefit VCs as they lean on the Future Fund to help tide over their existing portfolio companies. That’s fine as far as it goes, but matching by definition requires investors to be putting up money, and at the very early stage this has dramatically dried up in the current climate — both for individual companies and for the smaller funds that rely on risk-based investment from angels and high-net-worth individuals.”

Can I raise my share of investment through EIS or SEIS?

According to SeedLegals, no you cannot. Future Fund is not currently SEIS/EIS compatible, so you’ll need to find VC investors (they mostly don’t get SEIS/EIS) or persuade angel investors to forego SEIS/EIS for this round and (because of the way SEIS/EIS works) for all future investment that they make in your company.

Who can apply for the Future Fund?

A start-up is eligible for the Future Fund providing:

  • Half or more of your employees are based in the UK or generate at least half of your revenue through UK sales
  • Your business can attract the equivalent match funding from third party private investors and institutions
  • Your business has previously raised at least £250,000 in equity investment from third party investors in the last five years
  • Any private investor, UK or non-UK based can be eligible – they can be an individual, venture capitalist or a corporate investor

What if I’ve taken part in a US accelerator programme?

A non-UK ultimate parent company of a corporate group which participated in an accelerator programme on or before April 19 2020 may be eligible for the Future Fund, provided that the company has satisfied the following:

  • The company must have raised at least £250,000 in equity from third-party investors in previous funding rounds in the last five years (from 1 April 2015 to 19 April 2020, inclusive)
  • If the company is a member of a corporate group, it must be the ultimate parent company
  • The company is the equivalent of a UK limited company in the relevant non-UK jurisdiction
  • The company does not have any of its shares or other securities listed on a regulated market, a multilateral trading facility, a recognised investment exchange and/or any other similar market, stock exchange or listing venue
  • it participated in an accelerator programme, on or before April 19 2020, and participation in the accelerator mandated incorporation of the ultimate parent company in a non-UK jurisdiction
  • iI the group (or any entity within the group) was in existence before the company was incorporated, the ultimate parent company of the group (or the sole entity, if applicable) must have been incorporated in the UK
  • The company is the ultimate parent company of a group which has:
    – half or more of its employees based in the UK, -or
    – half or more of its revenues from UK sales
  • It is the ultimate parent company of a group which contains at least one subsidiary operating company incorporated in the UK on or before 31 December 2019; and
  • The company received investment from the accelerator programme on or before April 19 2020

What is the application process?

Investors have to initiate the application process for start-ups via an online portal. Start-ups cannot apply directly.

If you have multiple investors, you will need to appoint a lead investor to submit the application for them. Your lead investor will also need to have details of any other investors and on the company itself.

The lead investor must be investing at least £12,500. However, they do not necessarily have to be investing the largest amount.

According to the British Business Bank, once applications are submitted, they are assessed and funding is allocated on a first-come-first served basis.

>See also: Demand for Future Fund drains its £250m capacity within just one day

What conversations should you be having with your investors?

You should look at whether you meet the criteria in the first instance (see above). If you do, you should inform your pool of investors that they are eligible and highlight the scheme as a way for them to invest in the business in the current climate, says Victoria Price, UK&I private client services leader at EY.

“Entrepreneurs should be clear that this is not equity and that the convertible loan is not compatible with EIS,” says Price. “Participating in the Future Fund may result in an investor losing EIS on future equity investments.”

For businesses who haven’t taken a convertible loan before, what should they be aware of?

Convertible loans are short-term loans that convert to equity, usually at a discounted rate. The loans from this scheme in particular have an interest rate of a minimum 8 per cent per annum and will mature after a maximum of three years, says EY.

The conversion process, which occurs when the loan matures, is one of the key differences between a convertible loan and other sources of finance such as, for example, a bank loan, says Price; a bank loan remains debt unless you do something about it.

According to Price, convertible loans can be an attractive option as there is no erosion of equity. The disadvantage is that they can be complex compared to other financing options and there are legal and accounting fees as part of the process, she says. Cash from the Future Fund scheme cannot be used to pay these fees so other sources of funding may need to be considered.

Businesses also need to ensure they understand the terms of valuation for when the loans converts into equity, and what will trigger this. For the Future Fund, the loan will automatically convert into equity in the company’s next fundraising round where the amount raised is at least equal to the aggregate bridge funding.

>See also: What is a convertible loan note? Future Fund scheme explained

How quickly can businesses expect to receive capital?

This can depend on how long the process takes to complete and how quickly investors and start-ups get the application completed.

The expectation is that that funding should be awarded a minimum of 21 days from the initial application.

Can a business apply to the Future Fund if they have already received other types of Government aid related to COVID-19?

The government have introduced a range of broad measures including the Coronavirus Job Retention Scheme and business rate relief. Applying to the Future Fund won’t impact their ability to tap into these pockets of support.

£750m for research and development

Small businesses focusing on research and development will also benefit from £750m of grants and loans.

The £750m of targeted support for the most R&D intensive small and medium-size businesses will be available through Innovate UK’s grants and loan scheme.

Innovate UK, the national innovation agency, will accelerate up to £200m of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis. An extra £550m will also be made available to increase support for existing customers and £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. The first payments will be made by mid-May.

Victoria Price, EY Entrepreneur of the Year Leader in the North and UK&I Private Client Services Leader contributed to this article

Further reading

Source: https://www.growthbusiness.co.uk/future-fund-government-tech-start-up-bailout-scheme-how-it-works-2557543/

Private Equity

iAngels Israeli Deal Digest – September 2020

Welcome to the iAngels Monthly Deal Digest, a summary of corporate developments in the Israeli startup market.  This September we tracked 50 announced deals at approximately $1.8 Billion, and 6 exits of $1.3 billion. Including iAngels portfolio company, BioCatch, which raised $20m in a C round.   Insurtech and Cybersecurity were the two top performing sectors […]

The post iAngels Israeli Deal Digest – September 2020 appeared first on iAngels.

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Welcome to the iAngels Monthly Deal Digest, a summary of corporate developments in the Israeli startup market. 

This September we tracked 50 announced deals at approximately $1.8 Billion, and 6 exits of $1.3 billion. Including iAngels portfolio company, BioCatch, which raised $20m in a C round.

Insurtech and Cybersecurity were the two top performing sectors this month. Next Insurance, a InsurTech company raised $250 million Series D financing round led by CapitalG, Alphabet’s independent growth fund, with participation from FinTLV, and existing investor Munich RE Group. Snyk, a cybersecurity startup closed a $200 million Series E financing round, led by venture capital firm Addition, according to a company valuation of more than $2.6 billion.


On the M&A side, we tracked three acquisitions. The largest being Preempt Security, an American-Israeli cybersecurity startup whose solution offers zero trust and conditional access for continuously detecting and preempting threats based on identity, behavior and risk, was acquired by a California-based cloud-delivered endpoint and cloud workload protection company CrowdStrike Holdings, Inc. in a $96 million deal.  

Seed Round

  • Anima App, a startup which allows designers to export code to the programming team, without needing to learn how to code or switching between different unfamiliar programming languages. completed a $2.5 million Seed funding round, led by Zohar Gilon, one of Israel’s leading and most important investors, along with Hetz Ventures. 
  • Bobile, the first company to offer real time advanced endpoint security for iOS from zero-day and targeted advanced persistent threats, closed a $1.5 million seed round led by the New York Angels and participation by Harvard Business School (HBS) alumni angels and other leading investors.
  • KRE8.TV, a celebrity content platform which allows users to order custom made video content from their favorite creators raised approximately $1.17 million of seed investment led by Benson Oak Ventures (BOV). The round also included additional investors, among them Eyal Waldman, CEO of Israeli chipmaker Mellanox.
  • Plantt, a solution which connects to your sales and support tools, analyzing your conversations with customers to create a tailor-made customer experience raised  $1 million from Fusion LA and GoAhead Ventures.
  • Inthegame, a start-up which develops an AI-powered platform can help create unique and interactive experiences by adding ‘layers’ to broadcast television to include things like polls and quizzes in sports events and game shows, raised $650 thousands in a Seed funding round.

A Round

  • AnyVision, a company which develops an AI-driven face recognition has raised $43 million from existing investors including investment funds and private investors.
  • Triple Jump Medical, a small insulin pump patch startup raised $20 million from Medtronic.
  • Varada, an Israeli Big Data startup has closed a $12 million series A funding round. The round was led by MizMaa Ventures, with participation by Gefen Capital. Existing investors Lightspeed, StageOne Ventures and F2 Venture Capital, which contributed in early 2019 to a $7.5 million seed round, also participated in the round.
  • EasySend, a company which develops a no-code drag and drop platform for managing customer experience by converting manual forms and data collection processes into digital mobile or web applications raised $11 million in a series A round led by Israeli venture capital firm Hanaco Ventures. Intel’s venture arm, Intel Capital, also participated in the round. 
  • Strigo, customer training cloud platform startup announced the close of an $8 million series A financing round. The new investment was led by Velvet Sea Ventures and existing investor Greycroft with participation from Hanaco, the company’s lead seed investor. 
  • DeepCube, a deep learning software accelerator, closed $7 million in Series A funding. The round, led by Canadian VC Awz Ventures with participation from Koch Disruptive Technologies (KDT) and Nima Capital, brings the total invested in DeepCube to $12 million. 
  • Metadata, a San Francisco-based autonomous demand generation company focused on B2B marketing, said it raised $6.5 million in its Series A round. Resolute led the series with participation from GreycroftYork IE and Stormbreaker, as well as Mark OrganIlya Volodarsky and more than a dozen Metadata customers and key employees.
  • Sternum, Israeli IoT cybersecurity company Sternum Ltd. has raised $6.5 million in series A funding. The company provides embedded protection and real-time visibility for connected devices. The round, led by Square Peg, was joined by existing investor and global business leader Merle Hinrich, European venture capital firm btov, and private investors including Boston-based veteran entrepreneur Eyal Shavit and Founder & CEO of CyberArk, Udi Mokady.
  • TetaVi, AI-based video capture technology company has announced the close of its $6 million series A round. The funding, which came from new and existing investors, brings its total capital raised to $11.3 million. It was led by American and Canadian venture capital fund REDDS Capital and included a strategic investment from ADWAYS.
  • Phytolon, natural food coloring developer completed a $4.1 million financing round led by Millennium Food-Tech with the participation of Consensus Business Group (CBG) Fund, Trendlines Group, EIT-Food (the EU body responsible for food-tech initiatives), and former Elbit Systems CEO Yossi Ackerman.

 

  • LIGC, an Israel-based producer of Laser-Induced Graphene filters, raised $3 million in round A led by Hubei Forbon Technology. LIGC Application is at the forefront of laser-induced graphene commercialization with patented technology.

B Round

  • NovellusDx, biotech company NovellusDX Ltd. which develops a drug that delays the development of a BRAF gene mutation created in cases of thyroid cancer and glioma cancer, raised $57 million in a round made at a valuation of $75 million in exchange for 73% of the company’s shares. The round was led by Israeli life science venture capital firm Pontifax Ltd. and healthcare investment firm Orbimed Israel Partners Ltd., with each investing around $10.5 million for a 14% stake. The third-largest investor in the round was Swiss firm HBM Healthcare Investments AG, which invested $10 million for around 10% of the company’s stock. Additional investors in the round include Swiss multinational pharmaceutical company Novartis International AG, Boston-headquartered investment firms Wellington Management and Cormorant Asset Management, and SR One Ltd., the healthcare venture capital arm of pharmaceutical company GlaxoSmithKline PLC (GSK). Each of them will receive a 6%-7% stake in the company.
  • EverC, Israeli cybersecurity startup, focusing on the prevention of online money laundering, completed a $35 million series B investment round. The round was led by Israeli venture capital fund Red Dot Capital Partners which invests in growth stage companies. Maor Partners also participated in the round together with the company’s current investors, including Joey Low, Viola Ventures, Arbor Ventures and American Express Ventures.
  • Axis Security, a cybersecurity startup completed a $32 million series B funding round led by Canaan Partners, with participation from existing investors Ten Eleven Ventures and Gili Raanan’s Cyberstarts. The capital was raised to meet the increasing demand for the company’s products in the wake of the widespread transition to work from home. Axis Security’s Application Access Cloud is a purpose-built cloud-based solution that simplifies application access, using a Zero Trust platform.
  • Deel, a company, which developed a payroll platform to pay both full-time staff and independent contractors who are working remotely, has completed a $30 million Series B financing round. The round was led by US venture capital fund Spark Capital with the participation of the company’s previous backers. Another dominant investor in Deel is U.S. venture capital fund Andreessen Horowitz, which is one of the world’s largest funds.
  • Medigate, a medical cybersecurity startup raised a $30 million series B round led by new investor Partech Partners. Previous backers YL Ventures, U.S. Venture Partners, and Blumberg Capital, as well as first time investor Maor Investments, also participated in the round. The new round brings Medigate’s total funding to around $50 million.
  • Pcysys, a cybersecurity company which developed an automated penetration-testing platform that assesses and reduces corporate cybersecurity risks, completed a $25 million series B financing round led by Insight Partners. Other participants include Canadian venture capital fund AWZ Ventures and U.S.-based The Blackstone Group. The company has so far raised a total of $40 million.
  • Coralogix, a company which provides a log analytics platform, completed a $25 million Series B financing round co-led by Red Dot Capital Partners and Eyal Ofer’s O.G with participation from existing backers Aleph VC, StageOne Ventures, Janvest Capital Partners, and 2B Angels.
  • Aurora Labs, a company which develops debugging tools for automotive software, completed a $23 million series B financing round. The round was led by Check Point co-founder Marius Nacht and LG Technology Ventures, LG Electronics’ investment arm. Porsche Automobil Holding SE, Toyota Tsusho, UL Ventures, the investment arm of global safety standards Company UL, and previous round backers participated in the oversubscribed round.
  • Aidoc, a medtech startup Aidoc Medical Ltd. raised an additional sum of $20 million for its series B round, which now stands at $47 million. This brings the company’s total funding to date to $60 million. The round was originally announced last year and was led by Melbourne, Australia-based Square Peg Capital, with participation from Magma Ventures, TLV Partners, and Emerge. Joining the round now are Alpha Intelligence Capital and Maor Investments. Aidoc develops artificial intelligence-based medical imaging software designed to quickly analyze medical scans and help doctors prioritize the most urgent cases and expedite treatment.
  • BrandTotal, the brand marketing analytics company providing social media competitive intelligence to brands and organizations, raised $12 million in its Series B investment round. The Series B round was led by INcapital Ventures, in participation with Maor Investments, Glilot Capital Partners, Flint Capital, KDC Media Fund, and FJ Labs.
  • Blue White Robotics (BWR), an autonomous vehicle platform startup Blue White Robotics (BWR) announced a $10 million funding round. The round was led by Jesselson Investment, alongside Peregrine VC, Entrée Capital and an investment group led by Datoroama founder Ran Sarig.
  • Envizion Medical, a startupwhich develops smart feeding tubes (Nasogastric tubes) for intubated patients, announced the completion of an $8 million funding round from private medtech backers, family offices and the Technion Venture Capital fund.
  • Salaryo, a Fintech company, which provides credit and digital banking services to small businesses in the U.S. has raised $5.8 million in credit and equity. The company declined to detail how much debt it had incurred, but it is estimated to be the main element of the deal. The equity component was led by UAE-based private equity and venture capital fund KEN Investments, which has invested hundreds of thousands of dollars in the deal. This is estimated to be the first time an Emirati fund has openly invested in an Israeli company and follows the announcement last month that the two countries had agreed to normalize diplomatic relations. Other investors included British venture capitalist Michael Ullman, Variant Investments, and Techstars Ventures in whose accelerator Salaryo had participated.

C Rounds

  • Melio, Israeli B2B payments startu, allowing small businesses to manage payments remotely, paying when and how they want, giving them more control and helping businesses manage cash flow raised $80 million in a Series C round from investors including Accel, Aleph, Bessemer Venture Partners, Coatue Management and General Catalyst.
  • Papaya, a global payroll and payment startup closed a $40 million series B funding round led by Scale Venture Partners, with participation from Workday Ventures, Access Industries (via its Israeli vehicle Claltech), and existing investors Insight Venture Partners, Bessemer Ventures Partners, New Era Ventures, Group 11, and Dynamic Loop.
  • Orasis, an ophthalmic pharmaceutical company which is developing eye drops to treat presbyopia – the loss of ability to focus near objects, closed a $30 million Series C financing round co-led by new investor Bluestem Capital and returning investor Visionary Ventures, with participation from previous investors Sequoia Capital, SBI (Japan) Innovation Fund, Maverick Ventures Israel, LifeSci Venture Partners and additional investors. 
  • V-Wave, a company is developing proprietary, minimally invasive interatrial shunt devices for treating patients with severe symptomatic heart failure and pulmonary arterial hypertension raised $28 million, bringing the total raised in its Series C financing round to $98 million. The financing was led by Deerfield Management with participation from Aperture Venture Partners, BRM Group, Endeavour Vision, Johnson & Johnson Innovation – JJDC Inc., Pontifax, Pura Vida Investments, GHS Fund (Quark Venture LP), as well as Triventures and Israel Secondary Fund.
  • PhyTech, a digital farming automation company and data provider raised $23.5 million from private equity firm Thomas H. Lee Partners, L.P. (THL) including from the THL Automation Fund L.P., and existing anchor investors.
  • Biocatch, a startup which is active in the behavioral biometrics field: the research of digital behavior by users from a physical and cognitive standpoint in order to protect them and their data from fraud in the digital space announced extended its series C financing round by an additional $20 million invested by four major global banks – Barclays, Citi, HSBC and National Australia Bank (NAB) – to increase the round to a total of $168 million.
  • Medasense, a company which develops technology for pain-response monitoring completed an $18 million series C financing round led by Sabadell Asabys venture capital firm (Asabys Partners, Spain), Israeli family offices, and former backers Baxter Ventures, Olive Tree Ventures, and LGL Capital.
  • KeepMed, a medical technology company secured 13 million Euros ($15.1 million) in series C funding for its positive airway pressure (PAP) device that helps people with Obstructive Sleep Apnea, KeePAP. New investors Celeste Management, Financière Arbevel, and 4See Ventures join existing investors Merieux Equity Partners, Pitango Venture Capital, Xenia Venture Capital, C4 Ventures, and Lavorel Medicare.
  • Capitolis, a fintech company raised $11 million from financial giants Citi, J.P. Morgan, and State Street. The company’s platform helps financial institutions free up capital and remove barriers that would otherwise restrict trading. Capitolis enables firms to optimize their balance sheet exposures through collaborative technology by eliminating unnecessary positions and finding the most suitable party to hold the remaining positions.

Growth/Misc. Rounds

  • SolarEdge (NASDAQ GS: SEDG) announced the pricing of $550 million aggregate principal amount of 0.00% Convertible Senior Notes due 2025 in a private offering.
  • Next Insurance, a InsurTech company raised $250 million Series D financing round led by CapitalG, Alphabet’s independent growth fund, with participation from FinTLV, and existing investor Munich RE Group.
  • Snyk, a cybersecurity startup closed a $200 million Series E financing round, led by venture capital firm Addition, according to a company valuation of more than $2.6 billion.
  • BioProtect, a private company with a bioabsorbable polymer spacer balloon platform announced the final closing of its $25 million series D equity financing from an unnamed strategic investor and Peregrine Ventures. Peregrine and the additional international investor each invested $4.5 million.
  • Ionir, previously known as Reduxio, a company that is about to launch a platform allowing to transfer, copy and restore data of any size from the different cloud platforms has raised $11 million in a fifth round led by Jerusalem Venture Partners (JVP). British VC C5 Capital also participated in the round.
  • Evogene, a leading computational biology company focused on revolutionizing product discovery and development in multiple life-science based industries, including human health and agriculture, entered into a definitive agreement with ARK Investment Management, LLC (ARK Invest) and Alpha Capital Anstalt in connection with a registered direct offering of ordinary shares at a price per share of $1.70, for an aggregate cash consideration of $10 million. 

 

M&A/IPO

  • Amwell (NYSE: AMWL), a telehealth company that connects patients with doctors over secure video went public and managed to raise $742 million by selling 41.2 million class A shares at $18 apiece, after increasing the price and number of shares offered. 
  • JFrog (Nasdaq: FROG), an automated software updating company raised $352 million on Nasdaq and the amount could grow by $72 million if the underwriters exercise their option to buy additional shares. Morgan Stanley, J.P. Morgan and BofA Securities acted as the lead book-running managers for the offering. KeyBanc Capital Markets, Piper Sandler, Stifel, William Blair, Oppenheimer & Co. and Needham & Company acted as co-managers.
  • Nyxoah (Euronext Brussels: NYXH), Israeli-Belgium sleep disorder treatment company raised €85 million ($100 million) in an initial public offering (IPO) on the Euronext stock exchange in Europe. The money was raised at a company valuation of €362 million ($423 million) after money and since the IPO the share price has risen by 14% giving a company valuation of €413 million ($485 million).
  • Preempt Security, an American-Israeli cybersecurity startup whose solution offers zero trust and conditional access for continuously detecting and preempting threats based on identity, behavior and risk, was acquired by a California-based cloud-delivered endpoint and cloud workload protection company CrowdStrike Holdings, Inc. in a $96 million deal. 
  • Odo Security, a network security company that developed cloud-based, clientless secure access service edge (SASE) technology that offers secure remote access to company assets by an unlimited number of users, was acquired by Nasdaq-listed network and cloud security company Check Point Software Technologies Ltd. The financial terms weren’t disclosed but its believed to be a $30 million deal.
  • BlueBird Aero Systems, a company which develops and integrates small tactical unmanned aircraft systems (AUS) for the Israeli security sector and foreign governments, was acquired by 50% of the equity by Israel Aerospace Industries (IAI) for $14.4 million. As part of the transaction, IAI is acquiring the holdings of India- based Piramal Technologies SA, and additional shares from Fiberless Access and Ronen Nadir. Nadir will continue to hold 50% of BlueBird shares and continue to serve as the company’s CEO.

Source: https://www.iangels.com/2020/10/iangels-israeli-deal-digest-june-2020-2-2-2/

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Target Mobility GmbH – HRB 195781 B – 31122022B

With our unique vehicle logistic solution, we crowdsource drivers by marketing vehicle transfers as one-way rentals for 1€ to our users, saving fleet operators up to 50% in logistic cost. Our win-win proposition delivers significant savings to fleet operators by monetizing unused capacities of their vehicle logistics (= empty seats) and creating unbeatable travel options from city to city for our users in the process.

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” The Leapfunder Note is a sensible and attractive way to place capital in start-ups in the Netherlands “

” Diversification is important in angel investing. Leapfunder is a platform that allows angels to spread their investments. “

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Wouter Kneepkens

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Source: https://www.leapfunder.com/companies/165

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Liquid Alternatives: Fidelity Canada Launches Three New Liquid Alt Mutual Funds

Fidelity Investments Canada, one of the country’s largest investment managers, announced on Tuesday the launch of its maiden offerings within a liquid alternatives suite for Canadian investors.

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Liquid Alternatives: Fidelity Canada Launches Three New Liquid Alt Mutual Funds

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The new funds bring alternative sources of alpha to Canadian investors.

Fidelity Investments Canada, one of the country’s largest investment managers, announced on Tuesday the launch of its maiden offerings within a liquid alternatives suite for Canadian investors.

According to Fidelity, the new liquid alternative mutual funds can provide diversification benefits to retail investors, resulting in improved risk-return profile for their portfolios. They are designed for investors who want to step out beyond the traditional “long-only” investing strategy. (Markets Insider)

Further, these funds may be considered as differentiated solutions for navigating the considerable volatility across markets in 2020, as well as extremely low interest rates.

The new liquid alternative mutual funds are Fidelity Global Value Long/Short Fund, Fidelity Market Neutral Alternative Fund and Fidelity Long/Short Alternative Fund.

Fidelity Global Value Long/Short Fund

This fund seeks to achieve long-term capital appreciation by investing in long and short equity positions of companies across the world. It may use leverage through short selling of up to 50% of its net asset value and by investing in derivatives.

The fund is managed by Dan Dupont.

Fidelity Market Neutral Alternative Fund

This liquid alt fund aims to generate long-term capital appreciation by investing in long and short equity positions of companies in Canada and/or the United States. It may apply leverage through the use of short selling of up to 100% of its net asset value and investing in derivatives. The fund aims for a low correlation to major equity markets.

This fund is managed by David Way.

Fidelity Long/Short Alternative Fund

The goal of this fund is to earn long-term capital appreciation by investing in long and short equity positions of companies in Canada and/or the United States. It may apply leverage through the use of short selling between 30% to 50% of its net asset value, and by investing in derivatives.

“With the launch of our new alternative suite of products, retail investors can access products that until recently were only available to institutional or high-net-worth investors,” said Kelly Creelman, Senior Vice President, Products, Fidelity. “Our new offerings provide a broader opportunity set for investors seeking returns and diversification benefits beyond traditional “long-only” products.”

Related Story:  Liquid Alternatives – Because Bonds No Longer Diversify Or Pay A Yield

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Source: https://dailyalts.com/liquid-alternatives-fidelity-canada-launches-three-new-liquid-alt-mutual-funds/

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Press Releases2 hours ago

Hurricane Epsilon Marks 10th Hurricane of the 2020 Hurricane Season

Press Releases2 hours ago

TransAlta Renewables Executes 15-year Contract Extension in Western Australia with BHP Nickel West

Press Releases2 hours ago

Hurricane Epsilon Marks 10th Hurricane of the 2020 Hurricane Season

Press Releases2 hours ago

ROSEN, A LEADING LAW FIRM, Announces Filing of Securities Class Action Lawsuit Against Loop Industries, Inc.; Encourages Investors with Losses in Excess of $100K to Contact Firm – LOOP

Press Releases2 hours ago

Taseko To Release Third Quarter 2020 Results

Press Releases2 hours ago

Revolt Announces Compelling New Social Justice Documentary ‘From Pain to Power: A Revolt Special’ to Premiere on Monday, October 26th

Venture Capital2 hours ago

8common (ASX:8CO) raises $2.25M in extra capital

Venture Capital2 hours ago

Australian government to review domestic payments system regulation

Press Releases3 hours ago

Agape Treatment Center Launches Neuro Program to Improve Success of Addiction Treatment

Saas3 hours ago

25% of You in SF Plan to Go Back to The Office Soon, Apparently

Press Releases3 hours ago

Gulfcoastguys.com explains why vacation rentals are better than hotels – our website will show you the best rentals in Sarasota and Bradenton Florida.

Venture Capital3 hours ago

Bitcoin goes mainstream as institutional ‘wall of money’ begins buying

Press Releases3 hours ago

Publish your press release in Baidu in Chinese

Venture Capital3 hours ago

Wisr Warehouse funding facility upsized to $250 million

Venture Capital3 hours ago

Australian Fintech Parpera secures $800,000 through Equitise campaign

Startup4 hours ago

FDA approves remdesivir as the first treatment for COVID-19 despite WHO-sponsored study that shows remdesivir FAILED to prevent COVID-19 deaths and did NOT lower mortality rate in a multinational trial

Press Releases5 hours ago

Local Debris Drop-Off Service Locations Now Available at Priority Waste

Press Releases5 hours ago

Helix Acquisition Corp. Announces Closing of $115 Million Initial Public Offering, Including the Full Exercise of the Underwriter’s Option to Purchase Additional Shares

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Press Releases5 hours ago

Adams Resources & Energy, Inc. Completes Acquisition Of VEX Pipeline And Related Pipeline Terminal Facilities

Press Releases5 hours ago

Gerber Technology Redefines Mass Production with Launch of Revolutionary, Next-Generation Cutting Room

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