About Formula Ventures
Formula Ventures is a venture capital firm founded in 1999. It is primarily based out of Tel Aviv, Israel. As of Apr 2006, Formula Ventures has invested in 14 companies. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and High Tech. Most recently it participated in the $***** PE round of Magink display technologies Overall, Formula Ventures portfolio has seen 1 unicorn, 1 IPO and 6 acquisitions including key companies like Earnix, Business Layers and Identify.com. A lot of funds co-invest with Formula Ventures, with names like Direct Insurance sharing a substantial percentage of its portfolio.Key Metrics
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 2 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Formula Ventures' List of Top Investments
Formula Ventures has a portfolio of 14 companies, one of which is a Unicorn. Their most notable investmentis in Phonetic SystemsTheir portfolio spans across United States, Israel and Austria. They have invested in Enterprise Applications, Consumer, High Tech and 8 other sectors, across stages such as Series A, Series B and 2 more. Here is the list of top investments by Formula Ventures:
1. Earnix
Provider of a platform for AI decision-making in banking and insurance. The platform offers intelligent decisioning across underwriting, pricing, rating, and personalization. It helps insurers and banks optimize performance with agility. The platform enables model deployment, real-time updates, and streamlined workflows. It adapts to market changes, customer needs, and business goals.
Key facts about Earnix
- Founded Year: 2001
- Location: Ramat Gan (Israel)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $97.5M
- Employee Count: 426 as on May 31, 2026
- Investors: Insight Partners, Vintage Investment Partners and 9 Others
- Latest Funding Round: Series D, Feb 22, 2021, $*****
- Highlight: Editors' Pick
Provider of identity and access management solution. The product offered by the company is an open-source software that provides a solution to mitigate risk, comply with new regulations, and manage access to enterprise resources for employees.
Key facts about Business Layers
- Founded Year: 1999
- Location: Rochelle Park (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $50.6M
- Investors: Viola Credit, Novell and 7 Others
- Latest Funding Round: Series C, Sep 10, 2001, $*****
- Highlight: Acquired
3. Identify.com
Key facts about Identify.com
- Founded Year: 1996
- Location: New York City (United States)
- Stage: Acquired
- Total Funding till date: $48M
- Employee Count: 1 as on May 31, 2026
- Investors: Intel, Scale Up Venture Capital and 14 Others
- Latest Funding Round: Series B, Feb 02, 2004, $*****
- Highlight: Acquired
4. RadView
Provider of software for performance and load testing of applications. The software helps to streamline test creation, execution, and analysis. It offers features such as automatic correlation engine, real-time analytics, and reporting. The software supports different deployment options, including cloud-based and on-premise.
Key facts about RadView
- Founded Year: 1993
- Location: Israel
- Stage: Public
- Employee Count: 29 as on May 31, 2026
- Investors: Fortissimo Capital, Formula Ventures and 1 Other
- Latest Funding Round: Post IPO, Feb 23, 2021, $*****
- Highlight: Public
Magink is a developer and provider of full-color reflective digital ink displays. It is a privately held company founded in 2000. It is commercializing and replacing the traditional display technologies with its digital ink display billboards which work with very less electricity. It addresses the out-of-home media market; outdoor advertising, retail signage, public information, transportation, in-store point-of-purchase, promotional displays and entertainment. Its applications can be seen in Casino Industry.
Key facts about Magink display technologies
- Founded Year: 2000
- Location: Jerusalem (Israel)
- Stage: Series C
- Total Funding till date: $42.5M
- Employee Count: 12 as on May 31, 2026
- Investors: JVP, Japan Asia Investment and 2 Others
- Latest Funding Round: PE, Apr 03, 2006, $*****
Formula Ventures' Investments by Stage
Formula Ventures has made 3 investments in Series A stage with an average round size of $9.57M, 2 investments in Series B stage with an average round size of $12.8M, 1 investment in Series C stage with an average round size of $27M and 1 investment in Unattributed stage.Stage of entry | No. of Investments |
|---|---|
Series A | 3 |
Series B | 2 |
Series C | 1 |
Unattributed | 1 |
Note: We have considered here, only first round of investments
Formula Ventures' Investments by Sector
Formula Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, FinTech, High Tech and Industrial Goods and Manufacturing. Notably, it has invested in 10 Tech companies, 9 Enterprise (B2B) companies, 6 Software companies and at least 2 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 5 |
Enterprise Infrastructure | 1 |
FinTech | 1 |
High Tech | 1 |
Industrial Goods and Manufacturing | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Formula Ventures' Investments by Geography
Formula Ventures has made most investments in United States (4), followed by Israel where it has made 3 investments.Country | No. of Investments |
|---|---|
United States | 4 |
Israel | 3 |
Note: We have considered here, only first round of investments
Formula Ventures' recent investments
Formula Ventures has not made any investment in 2026 so far.Here are the most recent investments by Formula Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 03, 2006 | Israel | PE | 7294 | [+1] | |
Sep 14, 2005 | Israel | Series B | 2151 | [+1] | |
Jul 14, 2004 | Israel | Series C | 7505 | ||
Feb 02, 2004 | United States | Series B | 1425 | [+7] | |
Feb 06, 2002 | Israel | Series A | 8054 |
Unicorns in Formula Ventures' Portfolio
Formula Ventures has 1 unicorn in its portfolio - Earnix. The most recent unicorn in their portfolio is Earnix which became a unicorn in 2021, 19 years after Formula Ventures first invested in it.Here is a list of unicorns in Formula Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
63 | Provider of a platform for AI decision-making in banking and insurance | 2001 | Ramat Gan | Series D | zylthya |
IPOs and Publicly Listed companies in Formula Ventures' Portfolio
1 of Formula Ventures' portfolio company became public - RadView. It got listed on the OTC Markets (OTCMKTS), National Association of Securities Dealers Automated Quotations (NASDAQ), in Aug 2000.Here are Formula Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 09, 2000 | - | - | 7103 |
Acquired companies in Formula Ventures' Portfolio
6 companies from Formula Ventures' portfolio have been acquired. The most recent acquisition was Transtech Control in Dec 2008 by Cooper Power systems for $*****.Here are Formula Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 01, 2008 | - | - | 2084 | |
Mar 07, 2008 | Jul 03, 2001 | Series B | 9668 | |
May 31, 2006 | Sep 19, 2000 | Series A | 1699 | |
Mar 27, 2006 | Feb 02, 2004 | Series B | 1791 | |
Feb 10, 2006 | - | - | 3904 |
Co-investors of Formula Ventures
Over the past 27 years, 36 investors have co-invested in Formula Ventures's portfolio companies. This includes funds and angels.
- Invested before Formula Ventures: Japan Asia Investment and Concord Ventures have invested in rounds before Formula Ventures. There is 1 company where Japan Asia Investment has invested before Formula Ventures and 1 company where Concord Ventures has invested before Formula Ventures.
- Top Co-investors of Formula Ventures: 18 investors entered a company along with Formula Ventures. These include investors like Direct Insurance (1 company).
- Invested after Formula Ventures: A total of 16 investors have invested in Formula Ventures's portfolio after their investments. Top Investors include JVP (2 companies), Insight Partners (1 company) and Israel Growth Partners (1 company).
Recent News related to Formula Ventures
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US PE firm Advent to buy Israeli SaaS company Sapiens for $2.5bTech in Asia•Aug 13, 2025•Sapiens, Advent International, Formula Systems, Formula Ventures and 1 other
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PE Week Wire - Friday, July 16 - PE HubPE Hub•Jul 16, 2004•Magink display technologies, VantagePoint Capital Partners, Formula Ventures, Japan Asia Investment and 11 others
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Civcom, Vindigo Announce
Rounds of Private Funding - WSJThe Wall Street Journal•Jul 03, 2001•Civcom, Formula Ventures, Omninet Capital, Concord Ventures
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Demantra Attracts $19.5 Million... | Pressemitteilungpressrelations.de•Sep 19, 2000•Demantra, Formula Ventures, Challenge Fund - Etgar, Shamrock
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accessmylibrary.com•Magink display technologies, JVP, Formula Ventures, VantagePoint Capital Partners
