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JERUSALEM GLOBAL VENTURES ANNOUNCES INVESTMENT IN MOBILE ECONOMY INC. October 25, 2000: Jerusalem Global Ventures, a leading $200 million Israeli VC, today announced it is leading a $7.5 million investment round for Mobile Economy with an investment of $5 million. Mobile Economy, an early-stage company with its R&D operation based in Israel, offers value-added services to mobile operators, wireless Internet service providers (WISPs) and content/application providers. Dr. Shlomo Kalish, Founding Partner of Jerusalem Global Ventures, stated, "We are very excited about Mobile Economy's innovative technology and we plan to use our connections with global industry leaders to accelerate Mobile Economy's development in the wireless Internet space." Yoni Hashkes, JGV general partner, added, "We believe that Mobile Economy is setting new standards in wireless infrastructure technology that will soon permit the introduction of pioneering types of wireless services providing a mutually beneficial value proposition to content providers, mobile operators and their end-users." As a result of the investment, Dr. Shlomo Kalish and Yoni Hashkes will both be joining Mobile Economy's Board of Directors. Mobile Economy's CEO, Ofer Bengal commented, "We are happy to have the support of Jerusalem Global Ventures. The access to strategic partners through the Jerusalem Global Ventures network and the advisory boards comprised of Israeli and international hi-tech leaders will help us expand the horizons of wireless infrastructure and position ourselves as the global leader in the field." About Mobile Economy: Mobile Economy combines its unique technology and intellectual properties to offer business-to-business value-added services in the emerging Mobile Internet industry. The company's technology supports leading Mobile Internet platforms such as WAP and i-Mode and will be fully leveraged by upcoming 2.5G and 3G next-generation cellular technologies. Mobile Economy was founded by a group of successful telecommunications industry veterans, including Ofer Bengal (RIT Technologies), Guy Dancig (Israel Defense Forces), Uri Sela (RIT Technologies, Orbotech, IBM), Tsvi Rosen (Elisra, MetaForm, TransWay) and Yaacov Sherban (IMCS, RIT Technologies, Valor). The company started operations in early 2000 and maintains R&D operations in Israel and a sales and marketing office in the United Kingdom. Seed funding was provided by Yazam, a leading global players in technology financing. For more information: www.mobileecon.com About Jerusalem Global Ventures: Jerusalem Global Ventures is a $200 million group of seed-focused venture funds, focusing on communications enabling technologies and medical innovations, that invests in or initiates Israeli hi-tech companies. Jerusalem Global Ventures' general partners, all successful serial entrepreneurs, include Dr. Shlomo Kalish (Jerusalem Global), Micah Avni (Yigal Arnon, Deltathree.com), Yoni Hashkes (Magic, NDS), Dr. Yossi Linde (Chipcom, LanArt), Dr. Dalia Megiddo (Academia Medica, The Journal Club) and Avraham Menachem (Intel, National Semiconductor, DEC). Investors in Jerusalem Global Ventures include many of the world's leading hi-tech companies and financial institutions such as AOL, Motorola, and Bank of America, as well as individual executives from premier companies. JG Ventures has offices in Jerusalem, Herzliya, Silicon Valley and Boston. Back to Press Releases |
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