Israel Seed

Israel Seed Acquires Part of BRM Stake in Start-Up WATAPA for $800,000
By Ella Jacoby-Bashan

Venture capital fund Israel Seed Partners has acquired 8% of start-up WATAPA (formerly TellAPal) from venture capital fund BRM Seed for $800,000. BRM will hold 32% of company shares.

BRM co-general manager Nir Barkat said the deal was made in order to promote the portfolio company through the two funds' strategic connections.

WATAPA, set up this year, develops Internet-based services for the mobile phone and other wireless surfing means market. The company develops a system for management and distribution of information about restaurants, shares, books and so forth over the cellular telephone.

The company says the system is built with dynamic architecture and extensive capability, enabling it to handle of great amounts of information and provide services to millions of users. It can also be used as a palm pilot.

The BRM group manages two funds totaling $100 million, which focus on investments in seed-stage start-ups in Internet infrastructure (BRM Seed) and later-stage companies (BRM Capital). Israel Seed is a seed-stage venture capital fund managing assets totaling $260 million.

Published by Israel's Business Arena on 27 September, 2000

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