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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