IPO marks the first equity crowdfunded company to complete successful public offering
JERUSALEM--OurCrowd, the leading equity crowdfunding platform for accredited investors, announced today that its portfolio company ReWalk Robotics (RWLK) has completed its successful IPO on the NASDAQ. The company issued 3,450,000 million shares and expects to receive total estimated net proceeds from this offering of approximately $36.3 million after deducting estimated underwriting discounts and commissions and estimated offering expenses.
OurCrowd members had previously invested $3.3 million in ReWalk in two separate funding rounds over the past year. OurCrowd had invested alongside leading VCs, such as Pontifax, Israel Health Care Ventures, SCP Vitalife and the Japanese Robotics giant YASKAWA.
OurCrowd's CEO Jon Medved says "OurCrowd is proud of ReWalk and this important achievement. We have now demonstrated that equity crowdfunding can provide an opportunity for individual accredited investors to fund the best of companies. This offering marks the first time an equity crowdfunding platform has accompanied a company over the full cycle, from venture funding through to an IPO on a major US exchange. Moreover, it is truly gratifying to invest in successful companies that dramatically change people's lives for the better."
ReWalk CEO Larry Jasinski said, "I have enjoyed the professional and comprehensive approach of OurCrowd and its investors and believe they have added value to our efforts."
OurCrowd is the leading hybrid venture capital equity crowdfunding platform for accredited investors who wish to invest in Israeli and global early stage companies. Managed by a team of well-known investment professionals and led by serial entrepreneur Jon Medved, OurCrowd selects opportunities, invests its own capital and brings these startups to its accredited membership. Members choose those deals they invest in via OurCrowd-managed partnerships. OurCrowd investors must meet stringent accreditation criteria and invest a minimum of $10,000 per deal. OurCrowd provides post investment support to its portfolio companies, assigning industry experts as mentors and taking board seats. OurCrowd has raised over $65 million in equity crowdfunding for its 50 portfolio companies which include leading companies, such as: BillGuard, ReWalk, Consumer Physics (SCiO), BioCatch and Abe's Market.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. (RWLK) (formerly Argo Medical Technologies Ltd.) develops, manufactures and markets wearable robotic exoskeletons for individuals with spinal cord injury. ReWalk's mission is to fundamentally change the health and life experiences of individuals with spinal cord injury. Founded in 2001, ReWalk has headquarters in the US, Israel and Germany.