Ori Yogev

Ori Yogev's Whitewater pours in NIS 22M

Water technologies company raised some NIS 11 million in convertible bond placement with annual interest rate of 5%; another NIS 11 million raised through shares offering. Funds primarily designated for boosting group's international marketing array

Golan Hazani, Calcalist|Published: 11.06.11 , 14:02

Whitewater Group, an investor in water technologies used to ensure water quality and security, controlled by co-founders Ori Yogev and Hana Gertler, raised NIS 22 million (about $6 million) in a recent financing round, Calcalist has learned.

Some NIS 11 million ($3 million) were raised in a convertible bond placement at an annual interest rate of 5%, and the remaining NIS 11 million were raised through a shares offering.

The funds are primarily designated for the development of new technologies and for boosting the Group's international marketing array mainly in China, the United States and Brazil.

The round included 15 private and public investors from Israel, Great Britain and Switzerland. The company is regarded a leader in the developing field of water contamination event detection and management.

The current round reflects a NIS 120 million ($33 million) pre-money valuation for the company. When Gmul Investments sought to acquire an 18.8% stake in the company in 2008 – which eventually did not come to fruition – Whitewater's valuation was lower – NIS 108 million ($30 million) pre-money.

Whitewater Group was established in 2006. Some 70% of the group's business is globally oriented and its holdings comprise among others investments in Galson, Checklight and Whitewater Security.

Yogev and Gertler hold more than 70% of the company’s shares, Benny Tisch holds another 10% stake, and the remainder of the company's shares is held by various investors.

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