Everest Investment Banking Partners With Israeli Crowdfunding Platform PipelBiz on Cannabis Fund

Israel-based private financial firm Everest Investment Banking has partnered with Tel Aviv-based crowdfunding platform PipelBiz.com to set up a fund that will focus on Israeli startups in the medical cannabis industry. The fund, which aims to raise commitments of an NIS 30 million ($8.5 million) initially with a final target of NIS 100 million ($28 million), will invest in pre-seed, seed, and series A stage companies in return for a 20%-30% stake.

Everest has been advising several of Israel's private and public cannabis companies since it was set up a year and a half ago, Everest Investment Banking chairman Roee Eizenman, one of the fund's two founders, told Calcalist in a recent interview. The fund is looking to connect investors looking to invest $200,000-$500,000 a piece with early-stage companies and help facilitate their growth, he said.

The fund's second founder is Nani Maoz, founder and chairman of Everest Funds L.P and Everest Corporate Finance Ltd., the parent company of Everest Investment Banking. All are part of the Everest Group, for which this is the third fund.