Sources inform “Globes” that the Garage Technology Ventures investment bank has closed its Israeli branch. Two years ago, when technology companies were prospering in Israel, Garage opened a branch in Israel, headed by former RAD group CFO Gideon Marks. Six months ago, Marks was appointed head of Venture Finance and moved to Silicon Valley.
Marks confirmed that the Israeli branch had closed down. He said the measure was not a vote of no confidence in Israeli high tech, but a strategic decision by Garage to focus on its home base in California. The Boston branch has also closed. For the same reason, the idea of forming a special fund for investing in Israel has also been shelved.
Marks explained that he will continue to deal with Israeli companies as part of his job and due to his experience and frequent visits to Israel. “We're not completely abandoning the Israeli market, because I'm leading Garage in the investment banking field. I'll remain in touch from here with Israeli venture capital funds and entrepreneurs."
”Israeli companies that meet the criteria of a significant presence in the US, meaning the management is there, and have beta trials and sales, are certainly of interest to us.”
Published by Israel's Business Arena on October 3, 2001