Sources inform ''Globes'' that Maayan Ventures Ltd. (TASE:MAYN) is about to close funding from foreign investors. The amount of funding has not yet been set, but will probably total $5-10 million. The sources added that the company value for the round will be no less than its market cap, and possibly more.
Maayan, which has a market cap of NIS 64 million, declined to comment.
Maayan owns the Maayan Incubator in Beersheva, Iris Ventures Ltd. in Sde Boker, and Rotem Ventures in Dimona, and has a stake in TechnoPlus Ventures Ltd. (TASE:TNPV). Israel Infinity Venture Capital owns the controlling stake in Maayan.
Maayan had just NIS 1.2 million in cash at the end of June, and NIS 42 million debt in the form of bonds. The company has been buying back the bonds, which are traded at NIS 0.51. Maayan posted a loss of NIS 20 million on NIS 17.2 million revenue in the first half of 2008. Most of the loss was due to the fall in value of its subsidies.
Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2008
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