Clal Financial Management Ltd. (Canaf)

www.clalbit.co.il/canafenglish/

Institutional Investor

Tech Verticals Preferences

Biomed, Cleantech, Consumer-Oriented Software, Digital Health, Energy Tech, Industrial Technologies, Medical Devices, Semiconductors, Software Technologies

General Data

Established	1987
Current Active Portfolio Companies:	38
Reg. Number:	abCDe

DESCRIPTION

Canaf - Clal Financial Management - is a wholly owned subsidiary of Clal Insurance – and functions as the investment arm of Clal Insurance group.

Canaf is responsible for managing assets totaling approximately NIS 300 billion, including Clal policy holders, pension, provident, advanced training and profit-sharing (Manager's Insurance) funds, as well as the Clal Group's equity and insurance reserves (nostro).

Canaf invests in a variety of tradeable assets: stocks, government bonds, corporate bonds and foreign currency, and non-tradeable assets: loans, infrastructure projects, tech-firms, private equity funds, mortgages, real estate, and other non-tradeable investments. Canaf aims to diversify its investments in order to maximize investment opportunities and to minimize investment risks.

The private equity funds and non-marketable stocks units of Canaf specialize in investing in private equity funds in Israel and abroad, and in private companies in a variety of industries such as technology, healthcare, real estate and more.

AFFILIATION

Account ID	Affiliation Type	Name	Parent Name	Status
		Clal Insurance
F8F369C5-227A-E111-AC59-00155D32A403	Investment Arm	Clal Financial Management Ltd. (Canaf)	Clal Insurance

CONTACT INFO

Expand / Collapse All

Main Address: Tel Aviv, Israel

Address	36 Raul Wallenberg St., Kiryat Atidim Building 8
City	Tel Aviv
Country	Israel
Zip	6971930

Contact Person	abC Defghij
Contact E-Mail	abC Defghij
Company E-mail	abC Defghij
Telephone	abC Defghij
Fax	abC Defghij

	MANAGEMENT

Key Executive

Name	Title	Previous Position
Mr. Barak Benski	CEO
Ms. Katya Zbar-Grinshpun	Head of Private Equity
Ms. Liraz Ben-Ami	Head of Credit & Alternative Investments	Veloryx (CFO)
Ms. Raphaele Hallermeier	Investment Manager in Alternative Funds

	R&D Grants

Expand / Collapse All

Round

Date

Stage

Amount

Remarks

R&D Grant

Feb. 01, 2026

abCDe

* New investor

Investor	Type	Amount	Remarks
abC Defghij*	Government Agency	abCDe

	Acquisitions made by Canaf (Clal)

Acquired Company	Sector	Date	Amount	Remarks
abC Defghij	N/A	Mar. 27, 2023	abCDe	Acquired for NIS 1.54b; Valuation NIS 2.47b
abC Defghij	N/A	Aug. 09, 2021	abCDe	Valuation NIS 750m
abC Defghij	Cleant...	Dec. 10, 2017	abCDe	ICL sold its 50% to ALFA Water, a Consortium Headed by Avshalom Felber and includes Amir Lang, Clal Insurance, Ayalon Insurance and advanced study funds of teaching staff in the Teachers Union.

Preferences

Type of Financing	Equity,Investments in Funds
Stage Preferences	Initial Revenues,R&D,Revenue Growth,Seed

SECTOR SEGMENTATION (By Number Of Companies)

Enterprise Software & Infrastructure

33%

Hardware & Industrial

21%

Digital Health

11%

Agritech

Network Infrastructure

Biomed

Cleantech

Energy

Semiconductors

Medical Devices

	PORTFOLIO COMPANIES

Current Portfolio Companies (38)

Company Name

Sector

Round/Deal Type

Date Announced

Investor Amount

Total Deal Amount

Remarks

A2Z Cust2Mate

Ent. SW

PIPE

16/11/2020

$2.02m

$8.42m

Aerodrome

HW & Indust.

PIPE

07/09/2020

$0.57m

$4.75m

Beyond Oil

Cln.

PIPE

12/03/2025

$7.3m

CAD 10.5m

BrainsGate

Sixth Round

06/12/2020

N/A

$14m

BWR

BWR has unveiled a new autonomous driving system for tractors, the GEN 4, based on NVIDIA’s AGXOrin embedded computing platform for autonomous vehicles. It is designed to run AI models for machine vision systems and provides processing capabilities of 258 tera-operations-per-second (TOPS). The company has developed an automation kit for installation on tractors, which gives them the ability to move, navigate and perform agricultural operations autonomously in the orchard. BWR's kit includes a package of LiDAR sensors, optical cameras, obstacle management and avoidance software, pressure sensors to prevent damage to vegetation and emergency and remote control systems.

Agri

Third Round	15/05/2023	$1.7m	$39m
Second Round	23/09/2021	N/A	$37m

Cellebrite

HW & Indust.

First Round

17/06/2019

$12.5m

$110m

Invested through an SPV with IGP

CHEQ

Ent. SW

Third Round

22/02/2022

$12.5m

$150m

Via SPV

Classiq

Ent. SW

Third Round

12/05/2025

N/A

$110m

Diagnostic Robotics

Dig. Health

Second Round

25/07/2022

$6m

$45m

DOT Compliance

Dig. Health

Second Round - Extended	16/04/2024	N/A	$17.5m
Second Round	20/07/2022	$4m	$23m	Through an SPV with IGP

Elbit Systems

Network Infra.

PIPE

09/04/2019

N/A

$186m

eSH OS

eSH is a company that operates in the banking industry. It offers a hassle-free banking experience with no-fee and high-interest accounts. The company is also involved in the construction and built environment sector, providing services that can assist various projects. Additionally, eSH has a food distribution service, offering a wide variety of food products and customer service.

Ent. SW

First Round - Extended	19/01/2025	N/A	N/A
First Round - Extended	30/05/2024	$7.3m	$7.3m	NIS 27m
First Round	21/03/2023	$6m	$30m

Guesty

Ent. SW

Sixth Round	01/04/2024	N/A	$90m
Fifth Round	16/08/2022	$8m	$85m	Through an SPV with Viola Growth

IDE

IDE, a world leader in providing advanced water treatment solutions, specializes in the development, engineering, construction and operation of some of the world's largest and most advanced thermal and membrane desalination facilities and industrial water treatment plants. IDE partners with a wide range of customers - municipalities, mining, refineries and power plants - on all aspects of water projects and delivers approximately 3 million m3/day of high-quality water worldwide.

Cln.

Secondary Deal	31/07/2024	N/A	N/A
Secondary Deal	31/07/2024	N/A	N/A
Secondary Deal	31/07/2024	N/A	N/A

InFarm

Agri

Third Round	16/09/2020	N/A	$170m	Via SPV
Second Round	11/06/2019	N/A	$100m

IRP Systems

HW & Indust.

Third Round	28/04/2021	N/A	$31m
Second Round	12/05/2020	N/A	$17m

Juganu

Energy

Fourth Round - Extended	22/12/2024	N/A	N/A
Fourth Round - Extended	03/01/2024	N/A	N/A
Third Round - Extended	01/08/2021	N/A	N/A	SAFE (A simple agreement for future equity)
Third Round	15/04/2020	N/A	$18m

LawGeex

Ent. SW

Third Round - Extended

12/08/2021

$5m

$15m

Investment includes SPV with lool Ventures. Clal holding at least 50% of the SPV partnership.

Mediterranean Towers Ventures

N/A

Investment in Fund

01/01/2017

N/A

Q3 2025

MedMinder

Dig. Health

Second Round

22/03/2021

N/A

$40m

MeMed

Biomed

Fourth Round	01/11/2021	N/A	$93m
Third Round	20/09/2018	N/A	$70m

Mivtach Shamir

N/A

Other

01/01/1992

N/A

(8.5%). Including Clal subsidiaries' holdings

NextVision

HW & Indust.

Secondary Deal

17/03/2025

$11m

$63m

NIS 40m

OrCam

Semicon.

Fourth Round	01/03/2021	N/A	$50m
Third Round	20/02/2018	N/A	$30.4m

Redefine Meat

Redifine Meat specializes in food technology, specifically in the field of food substitutes. It takes products from plants and produces fat, muscle and blood from them. These materials are fed to the company's 3D printer, through which foods can be printed on demand. The move is similar to feeding ink cartridges to a standard printer or colored coils to a 3D printer.

HW & Indust.

Second Round - Extended	13/02/2025	N/A	N/A	Through an SPV
Second Round	23/01/2022	N/A	$135m
First Round	16/02/2021	N/A	$29m	Via SPV

Remilk

$Remilk is a global leader in the development of animal-free dairy. The company uses microbial fermentation to create dairy proteins that are identical to their traditional cow-derived counterparts, in a unique, proprietary process. Remilk’s protein maintains traditional dairy’s nutritional values and is free of lactose, cholesterol, hormones, and antibiotics. Its disruptive manufacturing technology dramatically increases production efficiency and provides, for the first time in history, a cost-efficient real-dairy replacement on an industrial scale with a fraction of the environmental impact.$

Agri

Second Round

07/01/2022

$8.5m

$126m

Through an SPV with Hanaco

SaverOne

Network Infra.

PIPE

09/11/2020

N/A

$6.4m

Serverfarm

Ent. SW

Secondary Deal

22/01/2024

N/A

$95m

Purchased 10% of the company

Shopic

Ent. SW

Second Round - Extended

09/08/2022

$5m

$35m

Silk

Ent. SW

Seventh Round	07/07/2021	N/A	$55m
Sixth Round	10/10/2018	N/A	$25m

Steakholder Foods

Biomed

PIPE

09/07/2020

N/A

$5.7m

Tailor Brands

Ent. SW

Fourth Round	29/06/2023	N/A	$20m
Third Round	22/07/2021	N/A	$50m

TopGum

HW & Indust.

Secondary Deal

31/10/2024

$6.2m

$12.4m

Purchased shares of the company from Founder Roi Lusternik and Hai Hayon for NIS 23m.

Trigo Vision

Ent. SW

Third Round	26/10/2022	N/A	$100m	Investment includes SPV with Vertex and Hetz
Second Round - Extended	16/06/2021	N/A	$10m	Investment includes SPV with Hetz Ventures. Clal, holding at least 50% of the SPV partnership.
Second Round	21/12/2020	N/A	$60m	Investment includes SPV with Vertex V. Clal, holding at least 50% of the SPV partnership.

TytoCare

Dig. Health

Sixth Round

01/10/2022

$10m

$49m

Through an SVP with OTV

Unqork

Ent. SW

Third Round

21/11/2020

N/A

$200m

Through an SPV with FinTLV

UVEye

HW & Indust.

Fourth Round - Extended	29/01/2025	N/A	$41m
Fourth Round	09/05/2023	$12m	$77m	Through CLL GF3 Co- Investments SPV

Wiliot

Network Infra.

Third Round

04/07/2021

$5m

$204m

Investment includes SPV with Grove Ventures. Clal holding at least 50% of the SPV partnership.

Current VC Fund Portfolio (79)

Fund Name

Fund Type

Date Announced

Amount

Remarks

83North IV

Venture Capital Fund

05/04/2017

N/A

83North V

Venture Capital Fund

07/10/2019

N/A

83North VI

Venture Capital Fund

19/05/2021

N/A

83North VII

Venture Capital Fund

02/10/2022

N/A

Agate-Korea Mac Fund

Venture Capital Fund

01/01/2012

$7m

Amiti II

Venture Capital Fund

01/10/2014

N/A

Amiti III

Venture Capital Fund

01/09/2019

N/A

AP Partners II

Private Equity Fund

13/02/2022

N/A

Q3 2025

Apax

Private Equity Fund

01/01/1981

N/A

Arkin Bio Ventures...

Venture Capital Fund

01/06/2025

N/A

DFJ TFV III

Venture Capital Fund

01/01/2008

N/A

Entrée Capital...

Venture Capital Fund

18/01/2022

N/A

Entrée Capital...

Venture Capital Fund

27/11/2025

N/A

Entrée Capital...

Venture Capital Fund

01/05/2018

N/A

Entrée Capital...

Venture Capital Fund

18/01/2022

N/A

Entrée Capital...

Venture Capital Fund

27/11/2025

N/A

FIMI III

Private Equity Fund

01/01/2005

N/A

FIMI IV

Private Equity Fund

01/01/2007

$30m

FIMI V

Private Equity Fund

27/06/2012

N/A

FIMI VI

Private Equity Fund

03/02/2016

N/A

FIMI VII

Private Equity Fund

09/12/2020

N/A

FinTLV I

Venture Capital Fund

01/09/2018

$100m

FinTLV II

Venture Capital Fund

31/01/2021

$35m

Fortissimo III

Private Equity Fund

01/07/2012

N/A

Fortissimo V

Private Equity Fund

04/02/2020

N/A

Fortissimo VI

Private Equity Fund

01/12/2022

N/A

Gemini IV

Venture Capital Fund

01/01/2004

N/A

Genesis IV

Venture Capital Fund

01/01/2008

N/A

Glilot Capital II

Venture Capital Fund

01/01/2015

N/A

Glilot Plus I

Venture Capital Fund

12/01/2021

N/A

Glilot Plus II

Venture Capital Fund

01/10/2023

N/A

Q3 2025

Grove Ventures I

Venture Capital Fund

23/12/2015

N/A

Grove Ventures II

Venture Capital Fund

17/02/2020

N/A

Grove Ventures III

Venture Capital Fund

06/01/2022

N/A

Hanaco Growth III

Venture Capital Fund

01/01/2022

N/A

Hanaco Ventures I

Venture Capital Fund

01/06/2017

N/A

IGP I

Venture Capital Fund

24/02/2014

$70m

IGP II

Venture Capital Fund

19/06/2018

N/A

IGP III

Venture Capital Fund

01/08/2023

N/A

Infinity Management...

Venture Capital Fund

01/01/2002

N/A

JVP V

Venture Capital Fund

01/01/2008

N/A

KCPS Manof

Private Equity Fund

01/01/2009

$66m

NIS 250m

Klirmark...

Private Equity Fund

01/01/2009

N/A

lool I

Venture Capital Fund

01/01/2011

N/A

lool II

Venture Capital Fund

01/03/2017

N/A

Magma II

Venture Capital Fund

01/01/2006

$4m

Magma III

Venture Capital Fund

01/05/2012

N/A

Manof Origo

Private Equity Fund

01/01/2009

$53m

NIS 200m

Medica III

Venture Capital Fund

01/01/2005

N/A

Mustang Fund

Private Equity Fund

01/10/2008

N/A

IDB Group

Neurone II

Venture Capital Fund

01/01/2000

N/A

New Era Capital...

Venture Capital Fund

01/12/2023

N/A

Noy Fund

Private Equity Fund

01/05/2011

$50m

38%

Pontifax VI

Venture Capital Fund

11/08/2020

N/A

Qumra Capital IV

Venture Capital Fund

22/08/2023

N/A

SCP Vitalife...

Venture Capital Fund

01/01/2007

N/A

Shaked Partners I

Venture Lending Fund

01/08/2016

N/A

Shaked Partners II

Venture Lending Fund

01/07/2023

$3m

NIS 10.5m

Shamrock Israel Fund

Private Equity Fund

01/01/2005

N/A

SKY II

Private Equity Fund

01/01/2011

N/A

SKY III

Private Equity Fund

04/01/2017

N/A

Sphera Healthcare

Hedge Fund

01/06/2007

N/A

StageOne II

Venture Capital Fund

01/01/2014

N/A

StageOne III

Venture Capital Fund

02/01/2018

N/A

StageOne IV

Venture Capital Fund

01/01/2022

N/A

StageOne Late Stage

Venture Capital Fund

01/01/2021

N/A

Tene I

Private Equity Fund

01/12/2004

N/A

Tene IV

Private Equity Fund

11/09/2017

N/A

VBF

Private Equity Fund

28/09/2023

N/A

Veritas Capital

Private Equity Fund

23/12/2024

$100m

vgames Fund III

Venture Capital Fund

01/11/2024

N/A

Vintage Fund of...

Fund of Funds

31/10/2022

N/A

Vintage Fund of...

Fund of Funds

23/12/2024

N/A

Q3 2025

Vintage Growth Fund...

Venture Capital Fund

11/01/2024

N/A

Vintage Secondary...

Secondary Fund

01/01/2007

N/A

Viola Credit III

Venture Lending Fund

01/01/2007

N/A

Viola Credit...

Private Equity Fund

01/01/2006

N/A

Viola Growth I

Venture Capital Fund

01/01/2008

N/A

Vitalife I

Venture Capital Fund

01/01/2001

N/A

Exits (18)

Company Name	Exit Type	Date Announced	Amount	Remarks
abC Defghij	Acquired	05/06/2025	abCDe
abC Defghij	IPO	30/08/2021	abCDe	SPAC deal with TWC Tech Holdings II Corp.
abC Defghij	IPO	13/12/2021	abCDe	Raised NIS 162m; Post Valuation NIS 794m
abC Defghij	Holdings Sold		abCDe
abC Defghij (Holding Company)	Acquired	03/09/2010	abCDe	Bought 51% of the company for $143.5m
abC Defghij (Holding Company)	IPO	01/10/1997	abCDe
abC Defghij	Acquired	14/07/2025	abCDe	NIS 2.55m. Upon completion, the acquirers may decide to transfer all assets to a newly established U.S.-based entity.
abC Defghij	IPO	02/08/2021	abCDe	SPAC Deal
abC Defghij	Acquired	22/01/2026	abCDe	In cash.
abC Defghij	Acquired	24/02/2026	abCDe	In stock.
abC Defghij	Acquired	08/08/2017	abCDe
abC Defghij	IPO	01/08/2014	abCDe	Including Green Shoe Option ($132m).
abC Defghij	Acquired	09/10/2025	abCDe	Acqui-hired by Amazon's Annapurna Labs.
abC Defghij	Acquired	01/07/2025	abCDe	In cash. ERGO Group is the primary insurance arm of Munich Re, a German multinational reinsurance company.
abC Defghij	IPO	22/06/2022	abCDe	SPAC deal with EJF Acquisition Corp alongside a PIPE deal. Investors in EJF Acquisition have pulled back their investments during its IPO, so the merger between it and Pagaya did not generate any money. Pagaya's proceeds came solely from the PIPE deal ($350m).
abC Defghij	Acquired	10/03/2026	abCDe
abC Defghij	IPO	22/07/2021	abCDe	SPAC deal
abC Defghij	IPO	28/07/2021	abCDe	Including $55.1 from the exercise in full by the underwriters of their option to purchase additional shares; In addition, Riskified Co-Founder and CTO Assaf Feldman sold shares for $4.2 million.

Historic Portfolio (12)

Company Name

Sector

Round/Deal Type

Date Announced

Investor Amount

Total Deal Amount

Remarks

Agate Medical Investments

Written Off

N/A

Investment in Fund

01/09/2007

$30m

$64m

AquAgro I

N/A

Investment in Fund

01/01/2007

N/A

$50m

Clalit Capital Fund LP

Ceased to Operate

N/A

Other

01/01/1993

N/A

Courses

N/A

Investment in Fund

01/01/1993

N/A

FIMI I

N/A

Investment in Fund

01/01/1996

$30m

$150m

FIMI II

N/A

Investment in Fund

01/01/2002

$30m

$200m

FITE I

Ceased to Operate

N/A

Investment in Fund

01/01/2004

N/A

Fortissimo I

N/A

Investment in Fund

01/04/2004

N/A

$80m

Genesis III

N/A

Investment in Fund

01/01/2005

$10m

$155m

Markstone I

N/A

Investment in Fund

01/06/2004

$15m

$786m

SKY I

N/A

Investment in Fund

01/01/2005

$30m

$120m

Vertex III

N/A

Investment in Fund

01/01/2005

N/A

$174m

Last Updated:	abCDe
IVC Number:	abCDe