State-controlled Bezeq Israel Telecom said on Tuesday, May 15, it will invest $20 million in a new venture capital fund that will help finance early stage telecommunications companies.
Bezeq said Discount Capital Markets, the investment arm of Israel Discount Bank, has pledged to invest $10-17 million in the $50 million fund, to be called Stage One Ventures. A number of private businessmen will also contribute.
Bezeq in the past has invested in other funds such as BRM Capital and Eurofund 2000. ― (Reuters, Jerusalem)
© Reuters 2001
© 2001 Mena Report (www.menareport.com)