Equity crowdfunding platform OurCrowd has closed a strategic co-investment partnership with GE Ventures, the corporate venture capital unit of GE.
Under the agreement, GE Ventures will have the right to co-invest with OurCrowd in select early stage companies in the areas of energy, healthcare, software and advanced manufacturing.
OurCrowd CEO Jon Medved said, “GE brings unequalled expertise and experience in a broad range of technologies and businesses that will add real value to our portfolio companies and to our investor community. To partner with a company of GE’s size and stature will allow OurCrowd to help break new ground in innovation finance.”
GE Ventures CEO Sue Siegel said, “OurCrowd has created a unique platform for dynamic early stage origination and funding. They offer a quality investment environment and the partnership will give GE increased access to early innovation.”
OurCrowd recently announced that it has successfully raised over $24 million for its 28 portfolio companies, including eight financings in excess of $1 million. It has already launched eight follow-on rounds for its companies to support expansion of its operation.
Medved added, “We believe we have reached a real milestone and transformative moment in the world of high tech finance. We are looking forward to driving innovation forward with GE Ventures, faster and harder than ever before.”
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2013
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