Israeli equity crowdfunding platform OurCrowd has expanded its Iberian operations by opening an office in Madrid.
The new office, which expands the company’s footprint to seven countries, will act as ‘a gateway into South America’ according to founder John Medved.
It already has offices in Israel, the US, Canada, Australia, Singapore, and has plans to expand in the United Kingdom.
As a part of the recent expansion, OurCrowd has formed a strategic partnership with Cardumen Capital, a Spanish Israel venture fund. Gonzalo Martinez de Azagra , the former head and founder of Samsung Ventures Israel, and Igor de la Sota, the former Head of Iberia at Hilco Capital, will mange the fund.
Medved added, “During the past 30 years the commercial relations between the two countries increased rapidly as both countries have experienced high growth rates. The Spanish capital is also home to an abundance of tech talent, including three first-rate business schools, IE, IESE and Esade.
“OurCrowd currently has over 20,000 investors from 112 countries participating on the platform and now is the right time to disrupt the world of innovation finance by expanding our base here.”
The startup’s new Madrid based office will be chaired by David Hatchwell, chairman of EXCEM, a Madrid based Family Group,
OurCrowd Spain will operate with ‘strong local partners active in building significant companies’, and will invest in Spanish tech companies seeking to bring additional leaders from the local ecosystem onto the OurCrowd platform according to Hatchwell.
Earlier this year, The Jerusalem-headquartered company secured up to $3.6m of funding in its latest fundraise, securing commitments from 61 investors in the process.
FinTech companies to come out of Madrid include WealthTec platform fintonic, which closed a $27.9m financing round earlier this year, and data & analytics business Taiger, which recently collected $5.8m.
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