New Israeli Fund Partners With Waze Co-Founder To Invest In Startups

December 4, 2017 | Israeli-based company Ayalon Insurance and Halman-Aldubi Investment House have partnered with Israeli co-founder Uri Levine of the social navigation app Waze, to invest in companies of interest for a total sum of $25 million. Levine intends to invest in eight companies, including public transit app Moovit, pension financial analysis service FeeX, and more, which the fund will commit to, as well. The fund will also invest in Refundit, a new company by Levine. Though not specifically part of the fund, Levine will receive 20 percent of fund profits. Fund founders say that partnering with Levine will “enable them to skip over the selection process and present a ready portfolio,” Calcalist reported. This fund is one of five funds competing for government backing following a tender published by Israeli Ministry of Finance. Levine’s company Waze was bought by Google in 2013 in a $1.3 billion deal.