Gett founder Dave Waiser unveils invitation only venture

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Accumulator enables company founders to turn their shares into a diversified portfolio, but not everyone can join.

Last week, Gett founder and former CEO Dave Waiser unveiled a new venture called Accumulator, and raised $46 million at a valuation estimated at $140 million.

The company offers an original solution to a known problem for startups: How to turn the founders’ shares into ready cash? It enables founders to use their shares, which are usually "stuck" until the sale or flotation of the company, to invest in a fund that holds shares of other leading technology companies. Thus, instead of being dependent solely on the success of their own company, the founders can create a diversified investment portfolio for themselves.

The company already manages thee different funds worth an aggregate $60 million: a fund for company founders; a fund for early-stage investors ("angels"); and a fund that invests in a variety of technology companies. Among the investors in the company are well-known entrepreneurs such as Wix founder and CEO Avishai Abarhami and Zalando co-founder Filip Dames, alongside investors such as NFX founding partner Gigi Levy-Weiss and FJ Labs founding partner Fabrice Grinda.

Accumulator is regulated by the US Securities and Exchange Commission, which should ensure that its activity meets all the requirements of the law. It operates as a closed club: only company founders who are invited to join can do so.

The company recently expanded its activity to angel investors, who emcounter a similar problem: they invest early in successful companies but find it hard to sell their shares. "Angel investment is the engine of innovation," says Oskar Hartmann, who manages the fund intended for angels. "We help these investors to turn an investment in one company into a diversified investment portfolio, while maintaining the potential for large profits."

"Our aim is to create a community of successful entrepreneurs," Waiser said. "There are more than 12,000 entrepreneurs in the world who have founded companies that are worth over $100 million. Their companies affect the lives of five billion people and turn over revenue of $1 trillion."

Published by Globes, Israel business news - <a href=https://en.globes.co.il>en.globes.co.il</a> - on December 8, 2024.

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