Group 11 Investor Dudi Francès Issues $1 Billion Term Sheet on Oct 7
Three years after October 7, Israeli venture capitalist Dudi Francès of Group 11 announced a term sheet for a $1B funding round, honoring founders who fought in the war.
Three years after the October 7 tragedy, Israeli businessman and investor Dudi Francès, founder and managing partner of Group 11, announced on Wednesday via LinkedIn a significant business and symbolic milestone: sending a term sheet to co-lead a new funding round at a $1 billion valuation.
Symbolic Timing and Resilience
Francès emphasized that the timing of the deal was intentional, highlighting the heroic story of the startup's founders. "This morning we sent a term sheet to co-lead a funding round at a billion-dollar valuation. We dated it October 7th, intentionally," he wrote.
"Three years ago, exactly today, Hamas terrorists murdered 1,195 people in the south of the country and abducted 251 to Gaza. The founder of this company and many of his executives were in uniform that morning. He received the call, drove south, fought in the kibbutzim, and brought families out alive. Weeks later, he was back managing the company."
Continued Investment in Israeli Tech
Reflecting on Group 11's investment strategy over the past three years, Francès underscored an unwavering commitment to the local tech ecosystem and Israeli founders, even amid severe economic and security uncertainty.
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Over hundreds of millions of dollars invested in 15 companies since October 7, 2023.
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More than 80% allocated to Israeli founders while international capital largely sat on the sidelines.
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Leading major financing rounds, including Dream's $260 million round at a $3 billion valuation in June.
Francès concluded with a powerful message of Zionist resilience and technological strength: "Isaiah prophesied: 'For out of Zion shall go forth the law.' Today it goes forth to the world as code, chips, and cyber, built by people who three years ago wore uniforms. The terrorists came to destroy us, but they met a generation that fights on Saturday and returns to the office on Monday. Am Yisrael Chai."
