ProSeed Venture Capital Fund (TASE:PRSD) is holding its second offering on the Tel Aviv Stock Exchange (TASE). The fund published a shelf prospectus today for the raising of up to NIS 200 million ($50 million). CEO Niv Sarne said today that, "the shelf prospectus will enable to raise capital in increments thereby expanding the fund's investments."
The offering will consist of shares, warrants and bonds. ProSeed said that the filing of the shelf prospectus will enable it to raise capital in accordance with its own needs or those of its portfolio companies. "The fund will continue its combined policy of seed investments and joint investments with other funds in more mature technology companies, with the aim of achieving a balance between return and risk."
ProSeed was founded in April 2000, and has raised $16 million. The company raised $2 million in its IPO in 2006. The fund invests in IT, medical devices and telecommunications companies. It is a partner in the founding of the Technion Entrepreneurial Incubator Co. Ltd. and invests through it in companies at earlier stages.
ProSeed's controlling shareholders are Landlan Investments Inc., (owned by the Landau and Rotlevy families), Gmul Investment Co. Ltd. (TASE: GMUL), and several foreign investors. The fund's investment policy is based on a focus on newly launched companies and the diversification of investment across 10 to 25 different companies.
ProSeed has invested in, among others, Medigus Ltd. , which has developed an endoscopic device for Gastroesophageal Reflux Disease (GERD), Mazor Surgical Devices Ltd., which has developed a system for use in spinal surgery, Nur Macroprinters Ltd. (Pink Sheets:NURMF.PK), which produces wide-format printers, Attunity (Nasdaq: ATTU), which develops and markets enterprise integration software, and Tehuti Networks, which develops solutions for accelerating server performance.
Published by Globes [online], Israel business news - www.globes.co.il - on June 4, 2007
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