Bank Leumi adds BRM to the garage venture

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Joins the BRM Group as an anchor investor for “The Garage”, which invests, establishes and accompanies start-up companies in the fields of fintech, cyber, data and AI. In doing so, BRM joins Leumi, which through Leumi Partners – the bank’s real investment arm, owns 20% of the garage.

At the same time, advanced negotiations are underway with another strategic investor from abroad on joining the venture. The investment amount of the fund’s partners will be $ 120-110 million, and it is expected to raise additional investors up to a total of $ 160 million.

The garage was established several months ago by high-tech entrepreneurs Omer Nagar, Eyal Redler and Shai Dan. The three are veterans of elite intelligence and technology units who, respectively, hold the positions of CEO, VP of Strategy and VP of Technology.

The garage’s strategic plan is to establish and invest in about 15 start-ups over a period of five years. The garage is suitable both for entrepreneurs who want to set up a start-up to solve existing or future technological challenges in the worlds of finance, cyber, data and AI, and for companies in the early stages that have already developed a service or product. In both cases, the garage will allow companies to work in their natural environment, along with providing the opportunity to receive from Leumi and the other strategic partners services, guidance and advice on regulatory, financial, managerial and technological issues.

The companies will also be given unique access to experts and data based on the strategic collaboration with Leumi and the other partners. In addition to the benefits of the broad envelope that technological talents can receive in the garage, the possibility of implementing the products and services that the companies will develop in Leumi systems will be examined.

Leumi CEO Hanan Friedman: “I congratulate our new strategic partners, who join us in investing, while bringing significant added value, thus expressing confidence in Garage and its unique potential, just a few months after the launch of the unique and innovative venture in Israel to invest and accompany start-ups and entrepreneurs. “BRM is a significant milestone in the realization of Leumi’s groundbreaking vision that ensures the strengthening of Leumi’s position at the forefront of technology among the financial sector in Israel, through an arm of activity that focuses on the core issues of the new banking based on models and AI.”

Eran Barkat, partner at BRM: “I am proud to lead together with Bank Leumi and the garage entrepreneurs a strategic partnership that will bring value to Israeli entrepreneurs. In this special connection between Bank Leumi, which are undoubtedly leaders in innovation in the worlds of IT, cyber, AI and of course finance – and the entrepreneurs “With our team that has proven its experience in leading entrepreneurs to global peaks while investing, accompanying and advising over the years – we will be able to create a home for Israeli start-ups.”

Garage CEO Omar Nagar: “We are pleased to add another strategic partner, alongside Leumi, who comes with many years of experience and success in the investment world – and expresses confidence in the unique model we have built. We will soon announce more partners who want to join the success. I am proud of our quality. “We are interested in cooperating with the garage, and we will soon announce our first investments.”

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