Group 11 Venture Fund Posts First Positive Year in 2025 Boosted by Navan IPO

Gate News message, April 20 — Group 11, a Beverly Hills venture capital firm specializing in fintech, reported that its fifth fund achieved its first positive year in 2025 after three consecutive years of losses, driven by US$89 million in unrealized gains that offset US$24.6 million in realized and asset sale losses.

The fund’s assets increased to US$252.6 million from below US$190 million, recovering above their level at the end of 2021, while investors also received a US$3 million dividend.

Launched in November 2021, the fund raised US$197 million and is Group 11’s sole vehicle open to qualified public investors, with units traded on the Tel Aviv Stock Exchange’s TASE UP platform. Group 11 was an early investor in corporate travel platform Navan, which went public in October 2025. Since its launch, the fund has delivered a 28% return, underperforming the Nasdaq Composite’s nearly 50% gain over the same period.

Group 11 founder Dovi Frances has ties to Trump allies and has engaged with Israeli leadership on AI policy initiatives. Frances met with Prime Minister Benjamin Netanyahu to discuss a proposed national AI directorate and noted that international business leaders close to Donald Trump, including Elon Musk and Peter Thiel, were expected to participate in such efforts.