Chemi Peres

And I told him, look, we need to build a platform to finance these projects. It can be done on our balance sheet. And one of the advisors of the company came in and said, look, there is a program by the Israeli government. It's called Inbal.

And I told him, look, we need to build a platform to finance these projects. It can be done on our balance sheet. And one of the advisors of the company came in and said, look, there is a program by the Israeli government. It's called Inbal.

which is the insurance arm of the Israeli government, they came up with an idea or suggestion or offering that venture funds that will raise money on the Tel Aviv Stock Exchange will get insurance. 80% of your investment is going to be protected. And based on those guidelines, we decided to build a company.

which is the insurance arm of the Israeli government, they came up with an idea or suggestion or offering that venture funds that will raise money on the Tel Aviv Stock Exchange will get insurance. 80% of your investment is going to be protected. And based on those guidelines, we decided to build a company.

We raised $1 million from our own company, but also from some business people and a small investment bank that was active in Israel. And that $1 million was enough in terms of equity to take a company public at the Tel Aviv Stock Exchange. We raised $7 million on top of it.

We raised $1 million from our own company, but also from some business people and a small investment bank that was active in Israel. And that $1 million was enough in terms of equity to take a company public at the Tel Aviv Stock Exchange. We raised $7 million on top of it.

And that's how I started the first fund, which was MoFed, which means industrial R&D exemplar in a free translation, but also the initials of industrial R&D. And I started to invest in young companies, Very inexperienced. And it was an amazing ride. I did it as a part-time job on top of what I did in the company.

And that's how I started the first fund, which was MoFed, which means industrial R&D exemplar in a free translation, but also the initials of industrial R&D. And I started to invest in young companies, Very inexperienced. And it was an amazing ride. I did it as a part-time job on top of what I did in the company.

But I fell in love with the founders, with the vision, with the broad view of different things you can do. And at some point in time, I said, I want to move full-time to run the fund. And they agreed. So that's what I did.

But I fell in love with the founders, with the vision, with the broad view of different things you can do. And at some point in time, I said, I want to move full-time to run the fund. And they agreed. So that's what I did.

Beginning of the 90s, yes. The public offering was on January 1993. By the way, on March 1993... They raised the qualification for IPO to $3 million in equity. We were able to go on January, which was the last, actually, the last IPO. And ever since I'm doing this for my main business activity as a venture capitalist, investing in startups,

Beginning of the 90s, yes. The public offering was on January 1993. By the way, on March 1993... They raised the qualification for IPO to $3 million in equity. We were able to go on January, which was the last, actually, the last IPO. And ever since I'm doing this for my main business activity as a venture capitalist, investing in startups,

So first of all, I was in an operating company for five years and I observed how it's done and I was part of the management of the company. I was not the CEO, but I was very close. And I had a lot of influence on things that we've done. But I always felt that I'm much more intrigued by vision, strategy, creation than operation. I thought operation, other people can do better than me.

So first of all, I was in an operating company for five years and I observed how it's done and I was part of the management of the company. I was not the CEO, but I was very close. And I had a lot of influence on things that we've done. But I always felt that I'm much more intrigued by vision, strategy, creation than operation. I thought operation, other people can do better than me.

I'm not the greatest operator in the world. That's something that I always wanted to look at new things, to explore new frontiers, to engage with new technologies, to meet other people. So I felt that venture is better for me. It's more fulfilling.

I'm not the greatest operator in the world. That's something that I always wanted to look at new things, to explore new frontiers, to engage with new technologies, to meet other people. So I felt that venture is better for me. It's more fulfilling.

And as a matter of fact, also, I felt that, you know, in 1973, when Israel was taken by surprise in the Yom Kippur War, what happened to Israel in the course of 10 years, from 73 to actually 84, 11 years, What happened is that the burden of security was so high. And at that time, Israel did not have the high tech sector. And what happened to our economy is that it imploded, it crashed.

And as a matter of fact, also, I felt that, you know, in 1973, when Israel was taken by surprise in the Yom Kippur War, what happened to Israel in the course of 10 years, from 73 to actually 84, 11 years, What happened is that the burden of security was so high. And at that time, Israel did not have the high tech sector. And what happened to our economy is that it imploded, it crashed.

We reached 450% inflation rate. And I felt that the future of Israel depends on its ability to create a vibrant economy. And I felt that since we don't have natural resources, the only way for us to do it is by creating startup companies that will scale. And that will be the driver of our economy.

We reached 450% inflation rate. And I felt that the future of Israel depends on its ability to create a vibrant economy. And I felt that since we don't have natural resources, the only way for us to do it is by creating startup companies that will scale. And that will be the driver of our economy.