Israel’s Pagaya ups PIPE deal size; Second Nature, Eureka, Shield, Quris get funding

 Israel’s Pagaya ups PIPE deal size; Second Nature, Eureka, Shield, Quris get funding

Israeli fintech major Pagaya Technologies has increased the size of the private investment in public equity (PIPE) financing for its upcoming blank-cheque merger deal from $200 million to $350 million.

Payaga is set to merge with EJF Acquisition Corp, a special purpose acquisition company (SPAC) at a valuation of $8.5 billion. It has increased the PIPE component in addition to up to $288 million it will get in proceeds from the blank cheque company’s cash in trust following the completion of the merger.

The PIPE investors backing Pagaya include Tiger Global, Whale Rock, Singapore sovereign wealth fund GIC, Healthcare of Ontario Pension Plan (HOOPP) and G Squared.

To accommodate the significant demand from PIPE investors, funds affiliated with EJF Capital LLC reduced a portion of their allocation, Pagaya said in a statement.

The SPAC deal was first announced in September last year and has the approval of the boards of directors of both Pagaya and EJF Acquisition. The deal is set to close this year.

EJF Acquisition is a SPAC sponsored by EJF Capital LLC. Its board of directors include financial service industry executives and founders including chairman Manny Friedman, Vice Chairman Neal Wilson, and CEO Kevin Stein.

Second Nature

New York- and Tel Aviv-based sales coaching solutions provider Second Nature has raised $12.5 million in a Series A round, taking its total funding since inception to $15.5 million.

The round was led by Signals Venture Capital, StageOne Ventures, Cardumen Capital, and Zoom Video Communications via its Zoom Apps Fund.

Led by chief executive officer Ariel Hitron, the startup will use the money to expand its operations.

Eureka

Tel Aviv-based data security startup Eureka has raised $$8 million in a seed funding round led by YL Ventures.

Individual investors who took part in the round include Microsoft executive Edna Conway, Google Cloud executive David Hannigan, and Wiz CEO Assaf Rappaport.

The company said it will use the money to expand its operations and for product development.

Eureka enables security teams to mitigate the risk of data loss and theft in multi-cloud environments by gaining control over their organization’s entire cloud data security posture and compliance.

It was founded by Palo Alto Networks veterans Liat Hayun, who is Eureka’s CEO and Asaf Weiss, the CTO.

Shield

Shield, an Israeli startup which has developed a workplace intelligence platform for compliance teams, has raised $15 million in a Series A funding round led by Macquarie Capital and OurCrowd.

Mindset Ventures pitched in, too, said Shield, which had been bootstrapped since it was founded in 2018.

The startup employs 60 people in Israel, London and New York. It was founded by chief executive officer Shiran Weitzman and chief technology officer Ofir Shabtai, who were joined by chief business officer Eran Noam.

Quris

Quris, an Israeli drug development platform which uses artificial intelligence, has closed a $28-million seed funding round.

The round, which includes $9 million raised last year, was led by Welltech Ventures with participation from iAngels and GlenRock Capital.

The medical technology startup was founded by CEO Isaac Bentwich and CTO Yossi Haran. It launched its AI-based clinical prediction platform last year.

The startup has been expanding its industry collaborations and prepping the first drug developed on the platform, addressing Fragile X syndrome for clinical testing in 2022, local publication Calcalist said in a report.

Aman Malik

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