Roman Abramovich considers $20m investment in TheTime

Ilan Shiloach tells "Globes" that Roman Abramovich sees TheTime as an entry gate into Israeli high tech.

Roman Abramovich is considering investing in portfolio companies of TheTime, backer Ilan Shiloach told "Globes" in an interview. "We spoke about the incubator's portfolio companies in the video, television, and fashion industries. He spoke about investing $20 million in 20 companies," said Shiloach.

The Russian oligarch and Chelsea Football Club owner made a surprise visit TheTime's offices during his visit to Israel in June to mark President Shimon Peres's 90th birthday. The visit drew considerable media attention, but the substance of the dialogue between the parties was unclear. "Abramovich approached us through his aides," said Shiloach, who believes that Abramovich considers TheTime as an entry gate into Israeli high tech.

"He examined collaboration with us and follow-on joint investments in the same companies," said Shiloach. "He has not invested until now in start-ups or technology anywhere in the world, but he wants to enter the business and leverage it, especially in Russia and China, in combination with Israeli technology."

Published by Globes [online], Israel business news - - on July 18, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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