Israeli Ride-hailing App Gett Gets $100 Million Venture Loan From Russia's Sberbank

TechNation: JVP earned $500 million on $25 million investment in CyberArk; ApiFix raises $2.8 million from Germany’s B. Braun on way to $5 million round; HP Enterprise braces for more Israel layoffs.

A Gett cab, formerly known as GetTaxi.
A Gett cab, formerly known as GetTaxi. Eyal Toueg

Gett gets $100 million venture loan from Russia’s Sberbank

Gett, the Israeli startup whose app enables consumers and businesses to instantly book on-demand transportation and deliveries, said on Wednesday it had taken a $100 million, seven-year venture loan from Russia’s Sberbank. The company said the funds would be used to finance business expansion, with Sberbank getting options linked to Gett stock. This venture loan is the first of its kind for Sberbank. Igor Bulantsev, acting head of Sberbank’s corporate and investment banking business, said the opportunity to finance a “significant digital business” was important for the bank’s strategy. “For more than a year, Gett has delivered exclusive benefits to Sberbank customers and employees, a service that is already available in 57 Russian cities. This loan agreement will further strengthen our partnership, support Gett’s rapid growth,” said CEO and founder Shahar Waiser. Founded in 2010 as the ride-hailing service Get Taxi, Gett has raised $520 million to date, including a $300 million strategic investment from Volkswagen six months ago. (Eliran Rubin)

JVP earned $500 million on $25 million investment in CyberArk

JVP, the Jerusalem-based venture capital fund, made more than $500 million on its $25 million investment in the cyber-security company CyberArk, TheMarker has learned. JVP first invested in CyberArk, which is traded on the Nasdaq at a $1.7 billion market cap, in 2002, three years after the company was formed. The fund itself declined to comment on its position in CyberArk today, but in a U.S. Securities and Exchange Commission filing in February it reported holding an 11% stake but by the time of a June shareholders’ meeting its holding had fallen below the minimum needed to be listed as a major shareholder. Recently it sold off the last of it shares. The final sale of CyberArk shares means that JVP enjoyed a return of about 25% annually on its investment over the 14 years it held the stock. CyberArk is one of 30 exits JVP has been involved in, including 12 initial public offerings that have raised a combined $20 billion. (Omri Zerachovitz)

ApiFix raises $2.8 million from Germany’s B. Braun on way to $5 million round

ApiFix, which makes a spinal implant system to correct scoliosis, said on Monday it had secured a $2.8 million investment from the German maker of medical devices B. Braun Melsungen. The fundraising is part of a $5 million round ApiFix aims to complete by year’s end. The company’s minimally invasive implant system for adolescent idiopathic scoliosis is sold in Europe and has been used in more than 100 surgical procedures after getting DE approval in 2012.  “This funding round will support our FDA submission in the coming months and assist the expansion of our clinical and commercial activities in Europe,” said ApiFix CEO Eran Feldhay. B. Braun is a partner with Israel’s Trendlines Group, a technology-incubation company and ApiFix’s largest shareholder, and bought $5 million in Trendlines stock when the firm went public in Singapore last year. The two are jointly investing in Trendlines Medical Singapore, Trendlines’ first incubator outside of Israel. (TherMarker Staff)

HP Enterprise braces for more Israel layoffs

Hewlett Packard Enterprise’s Israeli research and development unit is undergoing turmoil amid reports of another big wave of layoffs. The company, a cloud, server and storage technology company that split from Hewlett Packard a year ago, has been cutting its payroll worldwide and in October laid off 300 of its 1,500-strong workforce in the Tel Aviv suburb of Yehud. Since then 40 employees, including the human resources manager, have resigned. Now, TheMarker has learned, HP Enterprise is readying to ax another 150 staff and give up one of three buildings it rents. “Management is hysterical because it’s concerned about the layoffs but it has no way of retaining key employees,” said one worker, adding that many staff were not showing up for work while they job-hunt. HP Enterprises denies it plans to shutter operations in Israel. (Ruti Levy)