Tmura - The Israeli Public Service Venture Fund is one of the beneficiaries of the acquisition of Waze Ltd. by Google Inc. (Nasdaq: GOOG), and will receive $1.5 million. Tmura, run by chairman Yadin Kaufmann and executive director Baruch Lipner, but distribute the proceeds to educational and youth NGOs chosen by Waze.
Tmura, founded in 2002, is an NGO which seeks to increase the involvement of the high-tech community in non-profit activity in Israel, with a focus on education and other youth related initiatives. Start-ups donate to Tmura options exercisable in the event of a sale or IPO by the company. Waze's sale is the Tmura Fund's biggest-ever exit. To date, it has received $9 million from the sale or IPOs of Israeli start-ups.
In the past five years, Tmura has seen 100% growth in capital raised and a 230% increase in the number of exits. 289 companies which already donated options, includes 16 new start-ups in the past two months. The NGOs that Tmura supports include Krembo Wings, College for All, and A Different Lesson.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2013
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