UPDATED 09:58 EDT / NOVEMBER 06 2013

GE jumps on crowdfunding bandwagon with OurCrowd

Generic Electric’s tech ambitions go beyond the realm of networked machinery and embedded sensors. GE Ventures, the conglomerate’s newly established investment arm, recently entered a co-investment agreement with Israel’s OurCrowd to back early-stage technology companies.

Founded in October 2012 by serial entrepreneur Jon Medved, OurCrowd operates an equity-based crowdsourcing platform that lowers the barrier of entry to the VC scene. With a minimum investment size of $10,000, the site is aimed at small-time investors who are looking to put money behind startups in the areas of software, advanced manufacturing, energy and healthcare.

OurCrowd claims to have secured over $24 million in funding for its 28 portfolio companies, including eight financing rounds in excess of $1 million each. The firm successfully raised $5.5 million through its platform in February 2013.

Under the agreement, GE Ventures has the right to handpick and co-invest in select startups that list themselves on OurCrowd.

“We are thrilled to partner with GE Ventures on co-investments via our equity crowdfunding platform,” Medved commented. “GE brings unequaled expertise and experience in a broad range of technologies and businesses that will add real value to our portfolio companies and to our investor community. To partner with a company of GE’s size and stature will allow OurCrowd to help break new ground in innovation finance.”

Earlier this year, GE committed $105 billion to Pivotal, a joint venture between EMC and VMware. The investment nabbed it a 10 percent stake of the spinoff, which focuses on developing solutions for the software-defined data center.

In July, GE injected $30.4 million into Aysadi alongside Institutional Venture Partners, Citi Ventures and previous backers Floodgate and Khosla Ventures. The Palo Alto, CA-based startup offers an automated tool for uncovering patterns in complex datasets.


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