Fosun Considering Israeli Fintech Startup Investment
The Shanghai-based conglomerate, active in the Israeli scene for a few years, is now negotiating an investment in BondIT
If the negotiations end in an agreement, this will be Fosun's first investment in an Israel-based fintech company. While the conglomerate has invested in the industry globally, in Israel Fosun focused mostly on the life sciences sector until now.
In 2013 Fosun bought 95% of the shares of Israel-based aesthetic laser company Alma Lasers for $240 million through its pharmaceutical unit Fosun Pharma, renaming it Sisram Medical Ltd. In 2015 the conglomerate invested $25 million in Israel-based medical device company OrNim Medical Ltd. The same year, Fosun failed to convince the Israeli regulator to green-light a deal in which it planned to acquire 52% stake of Israeli insurer Phoenix Holdings. In 2016, Fosun bought Israel-based Dead Sea cosmetics manufacturer Ahava for $77 million.
Established in 2012, BondIT has two headquarters, one in Hong Kong and one in Herzliya, 9 miles (14 km) North of Tel Aviv. Employing 30 workers, the company develops machine learning-based analytics tools for the fixed income global market.
In 2016 BondIT signed a strategic partnership with Shanghai-based company Wind Information Technology Co., Ltd., a provider of financial data, research, and information to financial institutes in the Chinese market.
In 2015 BondIT was the first Israel-based company accepted to the Hong Kong-based fintech accelerator operated by consulting company Accenture PLC in partnership with Credit Suisse, Goldman Sachs, and J.P. Morgan. At the time, BondIT CEO and Co-founder Etai Ravid said the company is committed to the Asian market.