Tmura kicks off 2013 by surpassing NIS 30,000,000 in funds for community programs Tmura – the Israeli Public Service Venture Fund today announced the receipt of over $400,000 from the exercise of its options in Intucell, recently acquired by Cisco. Following exits in 2012 from XtremIO, CrossRider, DesignArt Networks, Vringo, Worklight, and Wanova, Tmura has now surpassed NIS 30,000,000 in funding generated for education and youth–related programs in Israel.
Intucell, with the support of its venture investor Bessemer Venture Partners, contributed options to Tmura soon after the company’s inception. Now, just a few years later, and upon the acquisition of the company by Cisco, these options have turned into a significant source of support for youth and education programs around Israel.
“We are delighted to share our success with the organizations backed by Tmura,” said Intucell’s CEO Rani Wellingstein. “While Intucell benefited from the talent of some of the strongest minds in Israel, we never lost sight of people with special needs in our society. Through Tmura, we could fulfill this commitment and connect it to our own endeavors.”
“We are big supporters of Tmura and their commitment to sharing the fruits of high tech success with the broader community in Israel,” said Adam Fisher, partner at Bessemer Venture Partners. “I urge entrepreneurs and VCs to realize the leverage of the Tmura model by signing up early in the start-up’s life. Given the speed at which Intucell grew into a success, I am pleased we brought Tmura to Intucell early on after our initial investment.”
Following consultation with the company, these funds are being allocated to several wonderful organizations including:
– AMICHAI (www.amichai-npo.com) – an organization which aims to integrate mentally disabled individuals into the larger society;
– Krembo Wings (www.krembo.org.il) – a national youth movement for children with special needs; and
– Eliya (www.eliya.org.il) – an organization that operates unique programs for blind and visually impaired children and their families.
To date, Tmura has provided funding to more than 100 non-profit organizations in Israel, and has helped to improve and enhance the lives of thousands of children and youth.
In addition, 8 new companies have already joined the Tmura program so far in 2013, bringing the total number of companies who have donated options to the community through Tmura, to 273.
The new donors include 24Me, Simplee, Sevenpop, Riskified, Vayyar, Sil Vascular, MyHeritage, and Yevvo. Investors in these companies include venture capital funds Accel, Battery, Bessemer, Greylock, Index, and Israel Cleantech, as well as the Misgav incubator and several angel investors.
Founded in 2002 by Yadin Kaufmann, and managed by Baruch Lipner, Tmura offers companies a unique way to contribute. Rather than soliciting cash donations, Tmura receives grants of stock from companies and uses the proceeds from successful “exits” – a public offering, acquisition or sale of shares on the market – to fund education- and youth-related charities in Israel.
# # #
About Tmura
Tmura, a foundation with a unique business model, was established in 2002, and is supported by leading Israeli venture capital firms and philanthropic foundations which fund the organization’s operating expenses. Promoting a unique model for philanthropy and a new standard for investments, Tmura’s goal is to create a culture of giving within the high-tech sector by enabling companies to donate equity to support education and youth-related initiatives. For more information, please visit www.tmura.org.
CONTACT: Baruch Lipner – 03-607-4506 baruch@tmura.org; or Yadin Kaufmann – 09-956-1621 yadin@veritasvc.com
