Fund of funds Green Holdings adds Internet-oriented VC fund Samurai to its portfolio for $8m investment   The Marker   August 28, 2000       The investment company Green Holdings, owned by highly versatile Israeli businessman Yitzhak Tshuva, is expanding its portfolio. Yesterday, August 27, fund of funds Green inked an agreement to invest $8 million in Samurai Web Ventures, for 28.57% company shares. The deal reflects a company valuation of $28 million after the money, or $20 million before the money. Samurai invests in Internet and e-commerce companies. It was co-founded at year-end 1998 by Moldawsky Hi-Tech, which is owned by Yossi and Boaz Moldawsky (48.26%), and by attorney David Efrati and his son Simi. David Efrati serves as chairman of the umbrella organization of Israel’s hi-tech industry. The Samurai portfolio consists of holdings in twelve Israeli, European and American pre-seed startups. The fund is actively involved in managing the young companies and in helping them to raise capital. In March Samurai tried to raise $12 million on the Tel Aviv Stock Exchange at $48 million company valuation after the money ($36 million before the money), but backed off as the value of Internet stocks began to implode. Portfolio checks and balances Under the agreement between Green Holdings and Samurai, the fund's value will be re-examined at the end of two years. If it is worth less than $32 million, Samurai will allocate additional stock to Green, boosting Green's holding to 50%. In addition, Green’s chairman Isaac Kaul will be appointed as chairman of Samurai too. Samurai’s investments include the Israeli portal Tapuz (Hebrew site), Feather Mobile Systems, which develops WAP-based applications and provides services for the cellular phone market, and SimiGon, which develops PC-based systems for learning, training, information-exchange for pilots in the civilian market and the military       Back to news list