Group 11’s fifth fund, the investment firm of serial entrepreneur Dovi Frances, one of the stars of Sharks – the Israeli TV version of Shark Tank – has presented a report of shrinking funds under management and performance. Group 11 today reported total assets under management of $191.7 million in all portfolio companies, down 8.4% from total assets of $208.7 million reported last year. Group 11 publishes only annual reports.
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Despite this, total liabilities increased and almost doubled, due to the management company’s costs from $4.9 million to $8.8 million, while revenue from sales and IPOs were virtually zero. Management fees – did not change and amounted to $3.72 million, up from $3.5 million last year.
Group 11’s fifth fund was raised at the height of the hype during the Covid tech bubble in November 2021. At the time, in order to satisfy capital market and institutional investors, Frances decided to make the fund more transparent and submit quarterly reports. The company now submits only annual reports, a practice Frances introduced with the sixth fund it raised a year later and which continues to invest in startups.
According to the venture capital fund website PitchBook, Group 11’s fifth fund raised $197 million, now worth, as reported today, only $191.7 million. The valuation of the assets stems from the individual valuation of each of the companies – so far the fund has not yielded major successes, with the exception of Sunbit, which is considered a promising unicorn, and Lili, a growth company. However, it is still too early to determine – venture capital funds examine success after a period of seven years, and according to estimates, most of the funds raised in 2021 have not yet shown a return, because a few months later, in May 2022, the crisis in the tech industry broke out after interest rate hikes.. Among the investments of the fifth fund, companies such as: Masterschool, Healthee, SMBX, Sorbet, Venn. Lili and Sunbit. Among its institutional investors: Hashchara Insurance, Harel, Menora Mivtachim, Migdal, Mor, New Mivtachim, and True Capital Management.
Published by Globes, Israel business news – en.globes.co.il – on May 13, 2025.
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