Avenews-GT, a fintech start-up in Tel Aviv, secures new investment.
Involved in creating a connection between financial institutions and agriculture businesses, the fintech start-up on February 23, 2021, broke the news of securing USD 3 million in a series funding from XT Hi-Tech.
Established in 2017 by Shalom Ben-Or, Ishai Ben-Or, and Ismail Kharoub, the fintech links financial institutions and agri-businesses via a digital infrastructure that is blockchain efficient and directly connects trade activities with financial services.
The investor’s take
XT Hi-Tech Chairman Udi Angel mentioned, “The streamlining and promotion of agriculture today are a central focus of global attention as we work to solve the problem of food insecurity for billions of people. Increasing access to farmers mostly in developing countries for supply chain digitization, credit, and other banking services through Avenews-GT’s fintech platform will advance this goal, and we are excited to take part in this important effort.”
He added, “I am proud that Avenews-GT has chosen us as partners to enhance the often-underserved business sector of farming.”
The founder’s take
Avenews-GT CEO Shalom Ben-Or expressed, “As someone who grew up in an agricultural community, I know first-hand the challenges farmers face when trying to connect with buyers in an increasingly digital world.”
He added, “At Avenews-GT, we offer clients a way to manage their business and trade operations through a single, paperless system that can track their sales and contracts, and open access to financial institutions.”
At present, Avenews-GT collaborates with banking groups on the African continent, where agriculture totals to about one-third of the gross domestic product.
About the investor
Formed in 1997 as the venture arm of XT Holdings, XT Hi-Tech invests in Israeli tech start-ups in several fields. To date, the company has successfully invested in 80 investments generating superior returns.
