Sources inform ''Globes'' that Shaked Global Group has invested $15-20 million in Green Way Civil Engineering Ltd. at a company value of several tens of millions of dollars. Shaked Global previously invested $1 million in Green Way's first financing round in May.
Shaked Global is a private company that is the investment arm of Aharon Shaked and his son Ohad Shaked, who made their money in online gaming company 888 Holding plc (LSE:888). Shaked Global CEO Shai Onn previously served for six years as VP business development at Ness Technologies Ltd. (Nasdaq: NSTC).
Ohad Shaked founded Shaked Global a year ago in order to invest solely in cleantech ventures. As a family firm, the company reportedly does not operate on the basis of a predetermined annual investment budget. The company made its first investment earlier this year in Blue I Water Technologies Ltd.; Green Way is its second portfolio company.
Green Way Civil Engineering provides a range of environmental solutions for landscaping, erosion prevention, water and wastewater treatment, and irrigation. Shaked Global made a direct investment in the company, which did not dilute the owners' holdings. The company will use the proceeds of the investment to realize its international business potential, including in Eastern Europe.
Shaked Global previously acquired the 20% stake in Blue I from Kibbutz Ramat Rachel, and is investing $1.5 million in Blue I's current $3.5 million financing round. Docor International Management Ltd. is providing the rest of the investment. Blue I plans to subsequently raise a similar amount from other investors, at a company value of $16-20 million, before money.
Published by Globes [online], Israel business news - www.globes-online.com - on June 23, 2008
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