GE becomes first corporate partner for equity crowdfunding in OurCrowd deal

OurCrowd CEO Jon Medved tells Post more corporate partners are in the works.

By
November 4, 2013 19:55
1 minute read.
Jonathan Medved

Jonathan Medved 370. (photo credit: courtesy)

Crowd-sourcing platform OurCrowd on Monday announced General Electric’s venture-capital unit, GE Ventures, has signed on as the first corporate funder for the platform.

“We do a lot of intelligence screening and work, and that value proposition is the same for an individual as it is for a giant corporation,” OurCrowd CEO Jon Medved told The Jerusalem Post.

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Under the terms of the agreement, GE Ventures will be able to invest in Our- Crowd’s early-stage companies, which span the areas of energy, health care, software and advanced manufacturing, alongside OurCrowd’s other approved investors.

Medved said he believes GE’s decision to become an Our- Crowd investor is the first time a major corporation has joined a crowd-funding investment firm, but it will not be the last.

“We don’t intend that they’ll be our last corporate partner,” Medved said, adding that Our- Crowd was in talks to bring other corporations on board.

The deal with GE, which showed early interest in the company, resulted from longstanding relationships with the OurCrowd team, he said.

GE Venture CEO Sue Siegel praised the company’s “unique platform for dynamic earlystage origination and funding,” adding that the partnership “will give GE increased access to early innovation.”

Since its launch in February, OurCrowd raised more than $22 million for its 28 portfolio companies, all but four of which are based in Israel. Two of those four were founded by Israelis.

“We’ve become the most active investor in the country in terms of deal flow and dollars invested and the largest crowd-funding platform in the world,” Medved said.

OurCrowd handpicks startups to fund and accredited investors, who must put in at least $10,000. They can then pick and choose how much they want to invest in each of the companies.


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