The share price of investment house Meitav Dash (TASE: MTDS) is up by more than 17% on the Tel Aviv Stock Exchange this morning, after the company’s announcement that fintech company Liquidity Capital, in which it has a 44.6% stake, had secured an investment of $40 million from Apollo Global Management, MUFG Innovation Partners of the Mitsubishi Bank group, and Spark Capital, and a further $5-10 million from other investors, under a SAFE (simple agreement for future equity). If a certain investment, as stipulated in the SAFE, is made in Liquidity within the timetable in the agreement, the parties will convert their investment to shares at a valuation of $800 million. If not, the conversion will be at a valuation of $550 million.
In addition, Apollo Global Management is giving Liquidity a renewable credit line of up to $425 million for five years.
Besides Meitav Dash, Spark Capital and MUFG Innovation Partners are existing shareholders in Liquidity.
Since it was founded in 2019, Liquidity has awarded credit totaling $600 million to dozens of companies. The company is headed by co-founder Ron Daniel.
Liquidity manages several debt funds in Israel, the Cayman Islands and Singapore that provide credit for growth companies.
Published by Globes, Israel business news – en.globes.co.il – on April 5, 2022.
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