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Migdal, Harel lead investment in new Group 11 fund

Migdal, Harel lead investment in new Group 11 fund Dovi Frances s California-based Group 11 has made a $120 million first closing of a fintech fund with Israeli institutions as the main investors. California-based Group 11, headed by its founder Dovi Frances, has announced a $120 million first closing of its fifth fund for investment in fintech startups. Unlike Frances s previous funds, which were mainly based on investors from the US, this time his anchor investors are Israeli institutions Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL). The anchor investors are joined by Menorah Mivtachim Holdings Ltd. (TASE: MORA), More Investment House, Hachshara Insurance Company, US investment management company True Capital Management, and several family offices in the US and Israel. According to Frances, the money was raised within 90 days.

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