Blockchain Group First Looking to Raise over $40 Million Round

First Group, an Israeli holding and financial services group operating five companies in the fields of blockchain and cryptocurrency, is in the process of raising over a $40 million, according to a person familiar with the matter who spoke to Calcalist on condition of anonymity.

Headed by veteran Israeli investor and fintech entrepreneur Yariv Gilat, First launched in 2017 to offer financial and technological services with a focus on global regulations. The company, which is listed in Gibraltar and based out of central Israel, has already raised $22 million towards securing the funding from investors including Sir Ronald Cohen, Berlin-based Target Global, and Mangrove Capital Partners.

Gilat served as CEO of Financial Algorithms (FINAL), one of Israel’s largest algo-trading firms, and has been a leading angel investor, backing companies such as Playtika Ltd., bought by Ceasars Entertainment in 2011 for $92 million and later acquired by Shanghai Giant Network Technology, Jack Ma, Yunfeng Capital, and other investors for $4.4 billion, and Face.com, bought by Facebook in 2012 for $100 million.