"Globes" has learned that Israeli company Veon is raising $25 million at a company value of $125 million, after money. It is the company's third capital raising round.
Many Israeli and foreign venture capital bodies from have invested in the company. The foreign ones are mostly Japanese. The company raised $9 million in the previous round in the second quarter of 1999.
Investors in the previous round included Japanese venture capital fund JAFCO, the East-West fund, the Israeli investment company HK Catalyst, the Eucalyptus fund, the Japanese investment company TransCosmos, Chase Hambrecht & Quist, former Apple Computers chairman John Sculley, the Gemini fund, and the Japanese investment company Nippon.
In August 1997, the company raised $3 million from the Gemini fund and HK Catalyst.
Veon has developed technology facilitating the creation of interactive video applications for e-commerce, advertising, and entertainment on Internet. The company has agreements with Excite@Home and America Online, which use the company's technology; with Cablevision, one of the largest US cable companies; and with Intertainer, which provides entertainment-on-demand services.
Veon was founded in 1994 by entrepreneurs Yossi Hermush, Eli Efrat, and Avner Peleg.
Published by Israel's Business Arena on April 12, 2000