Search Interviews:

Jeremy Weisz  10:47 

What are some other surprises? So that is surprising, right? You think you put up a first-time CEO versus experienced CEO, and the experience here is going to win? Not the case? What are some other surprises that you found throughout the years that, kind of has shown up?

Yoav Sebba  11:03 

And I was a bit surprised, let’s say from my boss, the boss always says like the big the low hanging fruit. So it sounds very good. But in reality, I must tell you that at least for us, like it was like 20 out of 20, to bring the fact that it appears to be that they if you would like to work all the big books out or not, are not Anglo. And if you would like to go for them, go for them, don’t go for the low-hanging fruit, if you go to the low input, this is all you will get. And then you need to be focused. And you need always to go where are you I am not to look for a full-time pay what perceived to be shortcuts, but in reality tends to be way to nowhere. So purpose is critical. In that respect, we look for a focus in terms of the industry and don’t focus in terms of geography. A symbol which you mentioned, I think earlier is a perfect example for that focused on US customer focused on passion, a focus on accessories, before moving to another continent or to another team. They will of course have critical mass in one field and only then moved to another. So and this is the refund is also to be critical. And also what we found and report that this is the next every single person on this is Mike was that $100 an investor is $1 of the customer. And I would like the CEOs of the companies and the founders to talk let’s say with people like me. And as less as they can. So and I want them to be focused on customers. And not only investors and the one which are a it’s very hard to obtain this $1 from the customer. But this dollar is one way in which on which you learn the most. And companies which raise a lot of Angel CEOs that are amazing with the raising panels as they are that are really good with customers. And you can imagine a one of the most successful ones eventually with the exit. And well the one we are looking for. So we are not too excited the company’s raising a lot of funds. On the contrary, we look at what everybody wanted to be in the last two years everybody wanted to be unicorns. Unicorns is defined this company with these great bands devaluation of north of $1 billion dollar. So for my end, it means that they were unsuccessful in obtaining funds from customers. Most of the time was very easy to come to people like me. But my money is on one time it’s much simpler to obtain than customers we will learn nothing from it. But you will gain another path now. Sometimes it’s good sometimes it’s bad. But if you look at it like a putting sugar inside coffee, you can put it inside, but it’s very hard to put it outside from the bottom. So this is our look at the partners. And so we looked at unicorns, most of the time if the company would be sold, let’s say total 100 million dollars, which can be a very good exit but If the company raised $300 million or $250 million or the investors will lose money most of the common shareholders, of course, will see nothing. So, this is a to being a unicorn most of the time is something which we not look at it is something which in politics having a an ARR of 5 million $10 million out this for us is much more important than here are a few types of PR that can enhance the ARR for companies with good DNA since there is what we say is unhealthy ARR and if it’s okay I will give an example. So we invested in a fascinating agricultural technology company and a company by the name of Phytech, and as the CEO convinced me come to sit down talk with our customers and say now say something is Donald I’m very conservative. There are no big September in this field. So we I don’t know how he managed to convince me to go visit one of his customers so I find myself and Israel, I’m talking now from Tel Aviv and I found myself in also Israel, early morning and talking with the one of the founders and then I told this farmer, now I will take the company is doing it’s like a platform for farmers, which is telling them how much do irrigate how much too totalize handling orders for protection with all kinds of special sensors and data it receives actually from the plant itself. Like a doctor which actually touches you and see you and before you know it’s recording when he knows it tells him what needs to be done and we stay higher yield and much lower cost. But then I was not an investor, I just came to and say the console the farmer and I told him I came here to take your device I came into take your stance of the one which are the platform. So he immediately stood between me and the devices of the company like a he was a trade for that I will take it on. He told me that we know without this I’m blind. I don’t know what’s happening in my field. It’s like what can I do now it’s like integral for me is ability to like the Google Chrome it was then and this is my main business. So then I realized that we must invest in this company. So we invested in the company when we will end around Syngenta and Mitsui joined us. Later, Tencent led around after that DHL gauge invested and now we also have a strategic count, which will be announced very shortly. But as I said earlier, this is not the main thing, the main thing is that the company is growing organically at least 40 50% year over year, each time with a retention of close to 100. And it’s currently focused in California affairs and government and all kinds of crops. But it’s now a growing globally and also with those other products may also of course, the contributing to the world. But for my end, like any like the capitalist might be one of the best unpick investment at least coming from Israel. And you also have worldwide recognition mainly from the US.

Jeremy Weisz  19:13 

Yoav do you always, when you’re investing in this case, you weren’t even thinking of investing necessarily, but when you are do you always like to talk to the customers before investing?

Yoav Sebba  19:25 

I must. Did you meet an entrepreneur that told you that my business is tax or I have a very low potential?

Jeremy Weisz  19:44 

If they’re being honest offline sometimes but not to the public face. Yeah.

Yoav Sebba  19:52 

Well, so you must talk because this learning experience not only allowing me to decide If to invest or not, if it also allowed me to understand how much funds to invest and how much the company will pay, there was valuation to do it. And we are living here or maybe not joining. And it also allowing our staff as a group to, and let’s say, I think that 60 70% of my time, is in the board of these portfolio companies trying to assist them as much as we can, trying to provide the value and explain the various approaches between company and company and building parents do to and specific situation. And if you will, if I’m doing due diligence, which takes a lot of time and going to valuation of patterns and competition, and especially talking with customers, we can almost everything in customers, especially about competition about projects, and both the process once the installation about everyone about almost most of the aspects of the business. So and this is critical, later on, this is not just for deciding to invest, but also how to better work with the companies and then they are held as in the way there are many of you. There is no like slam dunk or something simple. I never witnessed maybe others but always, it’s outdoor with a lot of technical thing and volunteering and argument and everything is but we managed to at the end is ethical that we have developed as it’s used at the beginning we do about relationship. Also, we are about risk. And I encourage companies, which are also evaluating me, because the as I told you about the example of the sugar and the coffee, if I tell them, they should be very careful about which partners are putting in. So I encourage everyone to talk with CEOs and founders, that we invested in the one we succeeded, and also the one we failed with. So because it’s a relationship, and then we fail, I must tell you very rarely, but no, not 100%. But most of the time, it’s been very good with polio and with the companies that we invested in the past, we also try to have relationships with relationships with companies we are not investing in. Because in the end, the internet, we’re talking about people every Monday and we try to avoid from being like have to save though, being like, in these days, of course, especially these days, as the ones that have the money and because it’s available time, it was completely different. But now things have changed. And we are not trying to take advantage of it. We are just trying to afford to adjust their portfolio and investment to the new situation. And also, that instead it’s not the stock pitch to survive. The one which is most adaptable, which can then cause to adapt itself to the new situation. So we are learning all the time, we are wondering finding modifying our approach all the time, if you will do this interview with me like they three years from now, I’m sure it will be completely different. They as they go with will the results are different. So I’m trying to learn from to, of course, experience to our investment and to our portfolio as much as we can.

Jeremy Weisz  23:43 

Yeah, I think, Yoav, when you said that, it’s it seems so obvious, but it’s not. You know, if someone’s considering investing in companies and buying a company, actually just talking to the customers, whether it’s a large or small, it says almost the same thing if you’re hiring someone checking references, so thanks for that what seems when you say it seems so obvious, but it’s not something I necessarily would have thought to do every single time. You mentioned some of the criteria for companies, right. So focus is a big one, healthy ARR healthy DNA CEO where does the company have to be? How much traction do they have to have, by the time they come to you?

Yoav Sebba  24:40 

So that’s a good question. And then I would I may be contradicting myself now, because part of the company which are coming to us do not have revenues at all. So I cannot talk with their customers. I do not have this ability. I can talk with potential customers but most of the time if we invest in b2b companies, I will provide an example we invested in a company by the name of Epitomee, just imagine the devices, the first product line in the capsule that you swallow together with two glasses of water. And then you don’t be the last been hungry for a few hours, then it said we sold. So when we invested in the company, it was just like the does not have any regulatory approval driven. And we had to imagine and we had to talk with a lot of people from coming from the industry and talking to the head of the obesity Federation in the US and all others trying to assess. And this is a very risky investment. But now this portfolio will do like let’s say, I think 20 or 25% investment which can be ranked like a very, with a relatively high risk-reward ratio. So if you do this kind of investment, we would like this investment, government potential growth by over $1 billion. So in the end, next, Nestle. Exactly, this is the one. So Nestle found this out as well and decided to invest in the company also as part of the IPO within Iran, Israel with the company. And the company managed to develop, as you can see here on the screen, and also a biologic delivery platform, which is currently relatively much more early stage than the wage management, the product line. But this is the future we’re currently also working on. To have the first product line with Nestle as a product line with we are currently looking for ways everything here for collaborations about the drug delivery product. But this is a company we did not have the ability, of course to talk with customers, because there was no even regulatory approval in order to allow us to even testing. So but now we have a virtual appointment in Europe in Israel, and we are currently working hard in order to obtain regulatory forbearance also in the US.

Jeremy Weisz  27:29 

So why would you invest in them, despite no customers and what did you see in them?

Yoav Sebba  27:38 

We talked with the company did a small pile, we looked at all the reactions companies buy, we looked at the science, it took us few months in order to evaluate all the ingredients with all the we took a lot of industry experts in various fields. We evaluate in here patents and ethical. But more formal, but we had here an amazing gentleman up the chairman and founder This is Dr. Shimon Eckhouse and they’re very good and an excellent CEO Dr. Dan Hashimshony. This is a fascinating company. Lots of interesting things to count our portfolio from this company. But in hearing we look of course at the passion of the CEO, which we find is critical that the company will be even I don’t know they can post after 2x days and they must be very hungry and like it’s their first day four.

Jeremy Weisz  28:46 

So it ranges from no customers. So what’s another example of someone coming to you with like the type of traction they have.

Yoav Sebba  28:58 

So, another example, I can provide is Cymbio. Cymbio can manage it like they will translate between grants and retail just announced today that they are starting very interesting tried by the way we picked up. They are a like the technological bridge between brands who would like to sell various marketplaces and various things. A retailer like New Balance commentaries, brands that we work in without and tamper also, on the other side, we connect them to Macy’s and Nordstrom and potentially now also to Amazon, etc. To allows them seamless integration and also the ability to do drop shopping. Exactly. This is one of the founders of the company Mor Lavi. And when we invested in this company, the production was close to minimize but this time In the fact that was close to minimum. When I first met the company, I said, no, there must be like, hundreds of these companies. So and also, these two founders Mor Lavi and Roy Avidor, they also know, in talking to that today, they will tell you that they thought that it’s a waste of time meeting me. And there’s no way I would invest in them, because they thought this is what I thought was after the first meeting. But then I took to it. Why did they say that? Because I was thinking in my head, very, very interesting idea what they’re doing. But I’m sure that there are hundreds of companies doing exactly the same thing. So I went back to office after meeting them and start to look for computation. And I looked and I looked and I looked, and after two weeks that I couldn’t find any, like real direct competition and I thought was really doing and how much how it worked for for many years with a specific customer, it takes them in order to develop this platform. So then I came and then we will, we’ll add their equivalents or syndrome, when there was only a small fraction, and then we led the A round, B, and C round also or later, so by vertex and corner, and now we are humbled that the paper decided to join the last round and also to invest in the company. So and we are the largest shareholder, and we are in a very, very good relationship with the team. It’s an idea we enjoy very much, and now it’s the ups and downs, but it looks like this month, on the right direction, so. So here we are, in a small fraction is a big thumbs up. It might be sufficient for us, but we need to see this part, this part is critical, and you need to save this day. And here was what we found out is that a brand like a new balance might be for a snowstorm and not on conference income per mainstage. And it’s like a we have like a domino effect, like a semi-viral effect. And we found that and of course in real life with a personal a bit more challenging, but we saw that the integration is something which is relatively easy.

Jeremy Weisz  32:46 

So in this case, Yoav it’s almost like you went back, you’re like, Well, you had some preconceived notions and when you went actually dug in and did some research you found they actually did have proprietary platform and there wasn’t as much competition as you thought. So we have a case where there’s no traction yet it’s really startup phase and then some traction, what’s an example of one where they actually had traction or you saw there was product market fit?

Yoav Sebba  33:25 

I can tell you that then an example a company by the name of NextNine. So, this company is touted as a support company and the sweet soul but it was not too exciting. And then found product market fit in the cyber business to the industrial cyber when I was there, it took providing support for all kinds of devices in that industrial facilities and then if the came actually comes from the customers, they ask for how to control the all the access and they are how they know it can prevent the access which is not authorized. So then NextNine became a cyber DuckTales network company. And then he found the product market fit and we were very excited. However, and this is has to do mainly with us. If the board had to order then this is about learning let’s say on stage with the board we’re not functioning excellent. And the company relied on us saying the company will show that they okay because we have the product market fit and we will keep on supporting the company but we as a board and shareholder and each one has its own view of f the company, the company found themselves in a very delicate situation in which it did not have the support of its growth and shareholder. And they actually gave all the employees a, we were about to close the company, despite the fact that we have the great product market fit and found itself and there was a lot of promise and the company was almost sure that we will stay be like a last resort, but again, we will, the board was not functioning almost at all. And the company is a last resort and to obtain the missing the required funds from one of its customers. And this was the from then on, it’s like the train coming back on track. And then later fast forward like the one and a half years later, and we sold it for 3x of our investment, but the company was very, very, very close to bankruptcy, we even we almost say we even filed the papers, but they will not even beaten managed to agree on the foreclosure rewarding for this, because they, the company has to say okay, goes okay, then go with the customers and they go with employees, which we live in a company. And then it was a good example, I do not say and I commend everybody to go over what we went through these days, but a lot of stress a lot of times, but the wishes and, even in going back, you can even we can never know what’s happening. But if it was, let’s say the shoulders and no decide to invest additional funds in the company, I don’t like the company with the would be able to who would succeed and or be able to walk them because the company like spirit and the company, and the best offers when you are hungry, very good spoke was when we had two companies the power to postpone the company the power, which obtained funds in the process of two weeks. And both of these companies fail. Because too much money. As I told you, in the beginning, also relation to unicorn can lead to a developing product, the customers don’t really mean operating in geographies, we do not have a critical mass, and then develop the like higher standards to many employees, even now, it will cause the people and now when we do not when they’re not productive recession more like normalization, we’ve seen that now many times a team of three different can go much better.

Jeremy Weisz  38:11 

What’s interesting, do you find that to be common at all? Yoav, where that makes sense, where you see a larger customer of a company that wants to invest or that doesn’t invest? Because they have invested interest in making sure that company stays alive? Or is that not that common?

Yoav Sebba  38:33 

This is the way you are definitely think this is what why 80 can and we saw a lot of during the Obama and a lot of brown which are being closed in Metro days. And the investors do not know what they invested in them. The next town is done. And there’s a need to decide whether to invest additional funds, both valuation to support the company and offer support. And these are the most critical income decision knowing when to and I call it like on one side we need to know when it’s right to let go. But I believe the most of dragging perseverance. Keep on going into believing the company is also as you say any so in the example of Kleenex time earlier and you need to be focused you need to release we need to keep on going despite all the challenges Iran that is out of this game we need to have myself as investor and as a white portfolio. I need those who know where to put my focus on in the world to put our investments and this is critical. We try to be we have a most of the company’s holdings, we try to invest in pure companies, but the one in which we invest in, we have the around 20% plus meaning. Not they’re like 5% 3% or not, or 2%. But they’re meaningful, and they also therapeutic. But there is a famous also like, quote, called, like, the No. Man’s plans and God laughs.

Jeremy Weisz  40:41 

Man plans, and God laughs I guess Yeah.

Yoav Sebba  40:45 

Sometimes, if the man is not planning, God is not laughing. So it’s also the vice versa. But so we try to plan as much as we can. But it’s a risky business to rely on the on the CEOs, and I sent them well, where we can.

Jeremy Weisz  41:06 

Yeah, I don’t know. I think the quote is, there’s a quote that’s attributed to Mike Tyson. I don’t know if he’s the one who originated it, but everyone has a plan until they get punched in the face is I don’t know if that’s Mike Tyson.

Yoav Sebba  41:20 

So another way, you have the not worse union plan. And then also say that they’re all the plans are okay, till the first bullet is being shown. And then if you will, like the symptom of the company, which is going in a bad direction, you will see that the ball saying, okay, let’s wait for next quarter. And then we’ll make a decision, then we will be smarter. I’m sure that you heard that many times. Let’s wait for next quarter, we’ll see the result and even smarter. So it means that it wouldn’t be smarter, it means that now you are stupid, you’re not so smart. And then, in all that next quarter, I’m sure that you will be also cool. Because they will have less than one point they have a burn rate. So and this is the inability to say like almost all the time, it’s inability to take decisions and understand what’s happened, let’s say a company, and also I’m stealing here from someone else. But let’s say a company is relying on how much is the cost of let’s say message, let’s say the cost of the message is five cents. And all the business model is relying on the cost of, you see that they in this market? Five cents a month. Now it’s six months, seven, eight months, and suddenly, one month is coming. And these companies are relying on how much dense message they’re receiving. And suddenly they seen in the market that from eight cents. Now it’s instead of coming in nine, eight and a half. So 90% of the 50% was no given no, not now this is the one who would notice it, most of them would say okay, I see that there is a small decline in the growth. But let’s wait and see. Let’s try to analyze what’s important, only a very select group of CEOs and recently still we try to invest in would know exactly what happened and will activate it. And this is critical and this was said what so in terms of we try to invest in these people who are fluent in the industry, and know what the business of their customer so this is the most critical thing for us to know that they’re into detail. I asked him two hours earlier today co evolved one of his projections for next year and he said the I will need to look at the excel. So I’m not saying like that we will definitely not invest but it’s certainly not a very good point in his favor. They have to begin to be they have to be bottom-up. They of course not to know the big picture and obvious pathogen, the macro view, which is critical. But we believe in the details. And he also commands the global competitor. We are taking in we’re looking with the content. We’re looking at the extent we cannot bring it like, every single day on a macro level.

Jeremy Weisz  45:06 

Yoav, let’s talk about Sofwave for a second. And in the beginning what you saw on then take me through a little bit of the timeline, because they eventually got, did they go public or get acquired?

Yoav Sebba  45:20 

Progressing in Israel and they’re progressing very well. So, I told you earlier that we invested in Epitomee, which was founded by the executive chairman Dr. Shimon Eckhouse. Dr. Eckhouse saw as how we operate as partner, and then, like a few executives in the company, and few months later, he also said, okay, you’re a good partner, and now I wouldn’t have been through you. They I don’t know 10 the Crown Jewels, but I would repeat to my main company, which I’m currently working on, which is Sofwave, which he also founded. And he’s also an active Germany in and Sofwave was a relatively easy decision, because on the other side, because Dr. Shimon Eckhouseis one of the pioneers of energy-based devices in order to remove their wrinkles and hair and on all kinds of aesthetic treatments, he did not by inventing Luminous, which is was based in Delhi NCR result if you can park there for a second. So he did it by inventing Luminous, like 20 years ago, more than 20 years ago with a was the based on laser after that visit with a company by the name of SR one. And which did it by using RF and now Sophie came to us with software which is doing it using an ultrasound. So we really started how can we change the company how can we evaluate the someone which is number one in the world within what he’s doing? So we look all around the world and we found in Boston and we flew him here to Israel and someone who used to work on it. And then after evaluation of humanity and also writing the patterns and everything because the company does not have any customers, they all stay only working prototype, which they try hoping to gain FDA approval. But we trusted Chi Minh and it’s a wonderful partnership that we have with him we invested in the company. Later as the company received the FDA

Jeremy Weisz  47:55 

From an outside perspective Yoav, it just it looks so risky. You’re right because it’s not even out yet right.

Yoav Sebba  48:04 

But yeah, we can take risk of someone who did it. And this exact, he called me and tell me we’re supposed to have the ever when we invest in we’re supposed to receive the FDA Alexei in efforts and then the only American calling me that received the FDA so it’s like the best in the world and exactly what he’s doing. He did it with lasers with RF project frequency and now where we the ultrasound, we invest, we took the best experts in order to evaluate the technology and IP and market everything within a square and still it’s very risky. But the company and it came from and again it was a prototype when we invested in and now we announced last year we start for three to $6 million. Thank you Paul was on $50 million. And this is paid only without the proceeds Taiwan Mexico we just received the approval also without China in which we are hoping to get the approval. Maybe ladies Carawan The next one. And this is without a we just announced also received an approval to do standard eye treatments as well not just the way removal of wrinkles and you can say that is the best noninvasive treatment. There is this that what we think that what they are and we see that they are why for our doctors for dermatologists and Belgium which are buying the system is less than a half per year, less than six months. And they are using it much more than we anticipated when we invested in the company. It’s a, it’s a race. But here I can take the risk of someone who needed your time very successfully. And I’m also after that, I evaluated oppose everything, the technology and the patents and everything. Within that we took a lot of experts, we in order to evaluate the company, by the way, in Cymbio, we didn’t almost have to, we didn’t take any expert at all, was like more like us talking with the founders and trying to learn about the company so that sometimes we take external experts notice that in order to evaluate the company, sometimes we drink from our own internal resources. Because we are allowed to work we are working in Singapore, London, Amsterdam, CNN, and hi pastor, we try to leverage the resources upon whom we can diversify.

Jeremy Weisz  51:04 

What was the timeline, like, from when you first talked to, and considered Sofwave to actually making an investment?

Yoav Sebba  51:12 

I think down there four months. Also Epitomee, I saw it. And then I told them when you have an indication from the FDA, that this route of going, so then we will start the evaluation. Because, as I told you, we’re not like to make a new mistake, we like to make on a new mistake. In one of the companies in which we invested in the past, it looks like there was a delay of almost two to three years after the FDA provided the guidance, like how exactly they would like us to do the clinical trial. So this is very disappointing, which we learn. And I’m sure that we will have many mistakes in the future. But as I told you, and we try to avoid making the ones that we did in the past.

Jeremy Weisz  51:58 

How do you create a valuation? For that company? Since they don’t have they’re new, they don’t have the FDA clearance? Yet? They don’t have customers yet? How do you create a valuation? And then, like you said before, you never talked to a founder says, I’m not going to be the best thing since sliced bread, this is going to go, you know, everywhere, we’re going to be huge. How do you come up with the valuation.

Yoav Sebba  52:48 

It’s a good deal for both sides. You don’t want to dilute the founders and the CEO and the existing shareholders too much across one side, on the other side, of course, you would like to have as much as you can. And then if you are a holding the majority shareholder in the company, then there will come another round, or the eyes will be on your new. So you need the company to have a few beers, not just one. And we tried to do like in the eyes of something that could provide us and we do a lot of stress scenarios around the between, let’s say, five to 10x on our investment, hopefully, potentially 10x. And then we see it happening and then sometimes not. But then and then most of the times eight rounds, they have gone from when 15 to 40. Even sometimes the company is so concerned that they aren’t today will be 20 to 25% of our company. So you can there and we also it’s very important for us that the company was not mean the hundreds of billion dollar company, hopefully within maybe permission to rounds to which technique in our fund was enabling which significant milestone to have a valuation which is much higher, and then a prospect to which next is the same with maybe two rounds or maybe three rounds, not more than that and much more than that building up more than what half a million dollar investment blowing.

Jeremy Weisz  54:53 

Yoav, first of all, thank you. I have one last question. Man. Thanks for sharing your expertise and knowledge. I know it’s late there Israel time. And my last question is about your team, and some of the people on your team and how you actually, were able to put together this team at XT High-Tech. And by the way, for some of these, if you’re listening to the audio on whatever platform you’re listening to, there is a video piece will be kind of screen sharing some of the companies. And right here if you are watching the video part, you can see I’m at The company page again more than 20 years of backing Israeli startups, and you have some of the team members right in there or you are so talk about the team.

Yoav Sebba  55:47 

On the top line. This is our co principal representing the annual family and local family which are on top of all these shipping and chemicals and energy and industrial growth with local guru. And on the second line, this is an in they are challenging them all the time. And we are operating in evergreen corporate venture fund so they know exactly how much they invested. And they know exactly how much we receive back to max it. So it’s not like we cannot tell stories to these. Angela knock on feminism now it’s not the last not least to tell stories about IRR, dating how much money is coming in how much money is coming out. And so actually we are living in the kitchen in that respect thing that they’ll challenge you get from time to time, this is amazing experience for us to have these people which are among the in terms of the worldwide business manager to grow very close to one. And they are very into details towards their well-being here with the high tech industry. Down the line here and here we can see I would like to focus on safe, simply the managing partner, the managing director here with me. He was the CEO of a very successful technological incubator here inside, we could also found the tug of war pain which led to very successful companies such as the Checkmarks and the Zymotic. And there are a lot of companies going on NASDAQ and the novel. And so my partner has saved and also hands operational experience to new owners who are the founder of companies. So I’m working with the state promos in 20 years, and we have a slightly different samples to companies. If he was interviewing, we would hear not completely different, but you will hear a completely different angle. And this is very important for us because they’re in discussions we have very possible and open. And if we agree on a company, this is something which is it might be there I think that the most of the time it would become a success, because we look at things a bit differently. So and this is the end all discussion, we joined it on our walk after we had a few really good realization that a good exit summary of IPOs and m&a. So we extended the group especially now with the new atmosphere. And then we took a from the industry, to Tom Lavi Ivana, Rouhani a chi and also we’re looking at public companies as well. And as I told you about the CEOs, when the first time CEOs, and CEOs, it’s not exactly what the person has in his CV. But it’s his passion and all of them have one thing in common, which is the passion to succeed. They know they love to learn, they love them, all of them are hardworking and into the details. They are on the bottom by the way, you can say a yawn and die which I’m really done with you because we’re coming from a big hole. And these are problems that result in really good resources that we received from the goal is a metal is an example guy was the CEO of a multi-billion dollar company from the shipping business and we are fortunate to have him assisting Tata Power to solar companies, especially their personal financial assets are second say the same thing about the young, which are highly overqualified for a post the task that we have here with the venture capital layer.

Jeremy Weisz  1:00:20 

Amazing. Yoav, I want to be the first one to thank you. Thank you so much for sharing your expertise joining me and just we check out other episodes of the podcast everyone and we’ll see you next time. Thanks.

Yoav Sebba  1:00:32 

Thank you very much. So before coming to this interview, there was a queue of the episode with and I learned from them highly interesting. And thank you very much Dr. Weisz for having me.

Jeremy Weisz  1:00:46 

Thank you. Thanks, everyone.