Yazam.com will raise $20 million to set up an international venture capital network for start-up companies. Funds will be raised from strategic investors, financial institutions and private investors, mainly abroad.
Yazam.com is a venture established in April 1999 by the founders of Jerusalem Global. The company's website was launched in July, with an eye towards locating investors at the seed capital stage for Internet ventures.
Initially, the website was geared to the investment and venture community in Isarel and abroad but Yaacov Ben-Yaacov, who today was named CEO and president of Yazam.com, now claims the original plan was to establish an international network. The intention, he says, is to expand Jerusalem Global's portfolio to 70 companies by the end of the year 2000.
The website was launched in Israel but according to Ben Yaacov, the company's head office will be located in New York, with branch offices to open in the US and elsewhere, including Atlanta, Dallas, Seattle and Silicon Valley, followed by London and the Far East.
To date, Ben Yaacov said, the company has received 500 business plans from Israel and other countries. In cases of a positive response, the company guarantees closing within two months.
Prior to joining Yazam.com, Ben-Yaacov served as PictureVision's Chief Technical Officer from January 1995. PictureVision provides digital photos over the Internet and employs a staff of staff of 150. In 1998, Eastman Kodak acquired 51% of the company for an undisclosed amount. Dr. Shlomo Kalish is the Founder and Chairman of Jerusalem Global.
Published by Israel's Business Arena on November 7,1999.