ClalTech Research
Investment Thesis
Claltech is the technology investment arm of Clal Industries and Access Industries in Israel. Its site says it looks to invest in leading mid and late-stage companies in the consumer and enterprise sectors that have the vision to disrupt their industries. The pitch to founders is long-term capital plus access: as part of Clal Industries and Access, Claltech offers introductions to a local and global network, covering expertise, talent, advice and resources. The firm describes its approach as fueling growth for the long term rather than running a fixed-life fund cycle.
Ownership and Structure
Claltech and Clal Industries are wholly owned by Access Industries, the privately held group founded in 1986 by Len Blavatnik. Access owns Warner Music Group and holds stakes in technology, e-commerce and fashion companies including DAZN, Gett, Deezer, Rocket Internet, Zalando, Global Fashion Group and Lazada. Clal Industries has invested in Israeli companies since 1956, with past holdings such as Fundtech, ECI, Scitex, Aternity, Jordan Valley, Nova, Panoramic Power and Tigo Energy. Claltech is therefore a corporate-style investor backed by a balance sheet, not a traditional LP-funded venture fund. Third-party profiles (PitchBook) describe it as founded in 2014 and based in Tel Aviv.
Stage Focus
The stated focus is mid and late-stage. The portfolio shows that Claltech also backs companies earlier and follows on through growth rounds: the ZyG seed (2026) is a founder-led deal involving its own CEO, and it participated in the XTEND Series B extension. Most named portfolio companies are scaled businesses (Papaya Global at a $3.7B valuation, Verbit at $2B, Lightricks at $1.8B, Vayyar above $1B).
Check Size and Lead Tendency
The website gives no check size or fund size, and AUM is not disclosed, so those fields are left empty. Lead tendency is unknown. In the press the firm appears as a participating investor (for example in XTEND's Series B extension, which was co-led by Aliya Capital Partners and Protego Ventures), though its CEO sits on boards as a director or observer across many holdings.
Recent Activity
- March 2026: portfolio company ZyG, founded by the ironSource founding team together with Claltech CEO Daniel Shinar, emerged from stealth with a $58M seed round.
- March 2026: Datarails raised a $70M Series C.
- February 2026: XTEND announced a Nasdaq listing at a $1.5B valuation.
- 2025: Tripledot acquired AppLovin's games business for $800M; Sentra closed a $50M Series B; XTEND closed a $30M extension to complete a $70M Series B with Claltech participating; Lightricks released open-source LTXV video models.
- March 2025: TravelPerk (now Perk) raised $200M at a $2.7B valuation and acquired Yokoy.
The portfolio page also lists recent additions Act (act.security) and Whalo.
Portfolio Highlights
Current holdings include ZyG, Act, Sentra, XTEND, Tripledot, Alice (formerly ActiveFence), Perk (formerly TravelPerk), Whalo, Datarails, Redefine Meat, Lightricks, Yotpo, Papaya Global, Otoma, Sisense, Aquant, Vayyar and Verbit. Listed exits: ironSource (acquired by Unity, November 2022), Dynamic Yield (McDonald's), Zerto (HPE, $374M), Locusview, Otonomo (Nasdaq: OTMO), Zooz (PayU), Guardicore (Akamai, about $600M), Lightcyber (Palo Alto Networks) and Modelity (LPA Group).
Team
- Avi Fischer, Chairman
- Daniel Shinar, CEO: leads Access and Claltech investments in Israel; director or observer at ironSource, Lightricks, Yotpo, Deezer, Gett and Bad Wolf; previously VP strategy and business development at Clal Industries; HBS leadership program alumnus; Hebrew University LLB and MBA
- Tomer Babai, Vice President: joined Clal in 2013, ex-PwC Advisory, CPA; board roles at Tigo Energy, Spectrum 700, Otoma and Clal Biotechnology
- Mor Grabli, Principal: ex-Rothschild & Co. M&A banker
- Ohad Eldar, Investment Team: research and analysis
- Reuven Ben Menachem, Venture Partner: founder and former CEO of Fundtech; chairman of Otoma, Earnix, Ezbob, Anagog
- Steven Katz, Senior Advisor (since 2017): ex-Dell Technologies Capital and Vertex; led or co-led 150+ investments
- Eli Novershtern, Senior Advisor: founder of Morrag Investments; ex-Square Peg, Pitango, Canaan
Decision Process
Not disclosed. Decisions appear to run through the Tel Aviv team with Access and Clal Industries behind them, and the CEO takes board seats. Treat it as an investment committee style process within a corporate group.
Founder Preferences
Not stated. The portfolio skews to Israeli founders, often veterans of the Israeli tech ecosystem (several holdings are led by ex-8200 and serial founders), building global software and technology companies. Warm introductions through Israeli networks are likely helpful, though the site does not say so.
Geographic Focus
Israel first. Portfolio companies often operate globally with US and European offices (Datarails, Sentra, XTEND's Tampa headquarters, Tripledot in London, Perk in Barcelona).