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Navan IPO lifts fintech VC Group 11 fund to gains
Group 11, a Beverly Hills venture capital firm focused on fintech, said its fifth fund posted its first positive year in 2025 after three years of losses, as US$89 million in unrealized gains offset US$24.6 million in realized and asset sale losses.
The fund’s assets rose to US$252.6 million from below US$190 million, above their level at the end of 2021, and investors also received a US$3 million dividend.
Launched in November 2021, the fund raised US$197 million and is Group 11’s only vehicle open to qualified public investors, with units traded on the Tel Aviv Stock Exchange’s TASE UP platform.
Group 11 was an early investor in corporate travel platform Navan, which listed in October 2025, while the fund’s return since launch was 28%, behind the Nasdaq Composite’s nearly 50% rise.
🔗 Source: Calcalist
🧠 Food for thought
Implications, context, and why it matters.
Group 11 founder has ties to Trump allies and discussed AI policy in Israel
- Group 11 founder Dovi Frances is described as a Trump backer in the U.S. 1.
- In Israel, Frances met Prime Minister Benjamin Netanyahu to discuss a national AI directorate, a proposed government body meant to coordinate the country’s AI work 1.
- Frances wrote that people familiar with the plan expected several international business leaders close to Donald Trump to take part, including Elon Musk and Peter Thiel, the billionaire investor and PayPal co-founder 1.
- He also wrote that Israeli AI companies could serve whole industries in Gulf nations if political agreements expand under a Trump administration 1.
Broader claims about venture capital and Israeli defense tech lack support in the source set
- The available material does not support a wider claim that venture capital success depends on navigating technology, state power, and international relations 1.
- It also does not back a broader rise in interest from U.S. venture capital firms in Israeli defense or surveillance technology 1.
- The sources do not establish that tools tested in national security settings are being scaled for global markets as a repeatable model for politically connected investors 1.
- They also do not establish that top venture capital funds are becoming central players in national industrial policy across AI and cybersecurity 1.
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