MGIC to Invest in “New Google”

MGIC Plc is a new Israeli investment company that aims to find the “new google” by investing $100-300 thousand in Web 2.0 startups that are 6 – 9 months away from generating revenue. The founders include the founder of JDATE, Alon Carmel, the former British Ambassador to Israel Sir Andrew Burns, and Amir Raveh from MG Equity. According to Raveh:

“Internet companies and Web 2.0 businesses in particular are being targeted for investment and acquisition. We will invest in businesses with solid business models 6 – 9 months from revenue and the potential to appeal to significant, distinct markets with their technology or market innovation. We believe that the next generation of billion dollar Internet companies are taking their first steps on the path to being major acquisitions in the future.”

The fund is trying to raise approximately $3.5 million which it will invest in ten promising Israeli start-ups. In addition to the money they will also provide business, commercial and marketing guidance to help them reach the next rounds of financing.

For more info check out this article from City A.M. or this one (in Hebrew) from The Marker.