Takwin Labs has closed $4.5 million in a Series A financing round. Takwin (Arabic for Genesis or start) is a unique incubator for start-ups in the Arab Israeli community. Takwin Labs believes that Arab Israeli entrepreneurship has the potential for strong growth, and it will focus on internet and mobile technology.
The incubator is the result of unique cooperation between three leading businessmen, entrepreneurs, and Israel venture capital investment managers: MK Erel Margalit, founder of Jerusalem Venture Partners (JVP) prior to his entry into politics; Chemi Peres, the founder and managing partner of Pitango Venture Capital and chairman of Al Bawader, the first venture capital investment fund for the Arab Israeli community, which was founded with government support; and businessman and founder of Babcom Centers, Imad Telhami.
Takwin Labs, which is based in Haifa, raised the funds from Israeli Jewish and Arab, and US investors. The incubator plans to raise up to $20 million. In the coming year, Takwin Labs will invest hundreds of thousands of dollars per venture in 4-6 start-up companies. The incubator will focus on identifying talented Arab Israeli entrepreneurs.
Margalit said, "There is huge potential among Arab Israelis, who with investment and proper advice can achieve a breakthrough in innovative fields, giving hope to many young people in the community and showing that people believe in them and are giving them an opportunity. As a public figure, I see how much tens of thousands of young Arabs can and yearn to take part of the new economy in Israel. The time has come to combine the powers of the business and public sectors to give tens of thousands of young people in Israel a real chance."
Telhami added, "We have invested much thought in identifying the barriers that prevent the flourishing of Arab high tech, and have built a model with the objective of providing support and tackling these barriers. I believe that the fund that we have founded will allow more and more entrepreneurs from the Arab community to succeed in achieving self fulfillment and their visions, and become important players in the Israeli and global high tech industry."
Peres said, "The inclusion of Israeli Arabs in the Start up Nation will serve as a bridge that will allow Israel to play an important part in our region, which could become known in the future as the Start up Region."
Takwin Labs CEO Itzik Frid said, "The meeting of the entrepreneurial high tech culture that we have fostered in Israel and the potential of the Arab community creates a huge business potential for all sides. We have already identified a series of prominent entrepreneurs and are currently proceeding with our new investments, the first of which will already take place this year."
Published by Globes [online], Israel business news - www.globes-online.com - on September 21, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014