Group 11 Venture Capital Research
Investment Thesis
Group 11 is a specialized fintech venture capital firm dedicated to backing disruptive entrepreneurs who are redrawing the financial landscape. The firm's thesis centers on the conviction that financial services—one of humanity's oldest industries—is ripe for fundamental disruption.
The firm notes that while the financial services industry employs 9 million people globally and accounts for 8% of US GDP, with a cumulative market capitalization of approximately $16 trillion, 56% of this market cap is concentrated in companies over fifty years old. This represents a remarkable opportunity for next-generation fintech companies to disrupt legacy financial systems.
Group 11 invests in entrepreneurs building modern, customer-first financial solutions that leverage technology—including AI and fintech innovation—to make financial systems more efficient and accessible. The firm believes that the most disruptive fintech companies will not merely digitize existing financial products, but will fundamentally reimagine how financial services work at their core.
Sector and Stage Focus
Primary Sector: Fintech and Payments innovation with emerging AI/fintech integration
Stage Focus:
- Seed stage (primary)
- Series A growth stage
- Selective Series B and later for existing portfolio
Stage Philosophy: Group 11 uses a "metals" taxonomy reflecting investment stages:
- Copper: Seed stage investments
- Silver: Series A-B stage investments
- Gold: Series C and later growth-stage investments
- Exited: Acquisitions and IPOs
Check Size and Deployment
Typical Investment Range: $5M - $20M
- Seed: $5M - $8M range
- Series A: $8M - $20M range
- Target ownership: 15-20% in initial investments
Fund Status: Actively deploying with recent fund closure. The firm has been recognized by TIME magazine as one of America's top venture capital firms of 2025 and achieved #1 U.S. ranking by Preqin in 2024.
Lead Tendency
Lead Investor: Group 11 typically leads or co-leads seed and Series A rounds. The firm takes board seats and active involvement in portfolio company governance. Founding Partner Dovi Frances serves on boards of most portfolio companies.
Geographic Focus
Primary Geography: United States, with strategic focus on Israeli-related or Israeli-founded software companies expanding globally
Secondary Markets: Global expansion markets for portfolio company success
The firm is based in Beverly Hills, California and leverages strong connections to the Israeli tech ecosystem through leadership (Founding Partner Dovi Frances is Israeli-American).
Team and Leadership
Dovi Frances, Founding Partner (Founder & Lead GP)
- Israeli-American venture capitalist
- Founded Group 11 in 2012
- Previously: VP at Deutsche Bank AG Private Bank, independent financial advisory firm founder
- Invested over $600 million in software companies
- Board member on most portfolio companies (Tipalti, Sunbit, Masterschool, Dream, Healthee, etc.)
- Educational background: Ben-Gurion University (BA), UCLA Anderson (MBA)
- Born 1978 in Holon, Israel; relocated to California 2006
Hadas Sparfeld, Partner (COO & CFO)
- Responsible for day-to-day operations, financial management, and portfolio tracking
- Previously: Acquisitions manager at $2B LA real estate firm, executive director at Adam and Gila Milstein Family Foundation
- Background: Tax attorney at Ernst & Young
- Educational: UCLA Anderson (MBA), Tel Aviv University (LL.B)
Devon Morris, Partner
- Oversees deal structuring, execution, due diligence, and portfolio company governance
- Board observer for portfolio companies
- Previously: Senior advisor at SG (financial advisory firm)
- Educational: Humboldt State University (BA Art History, summa cum laude)
Lian Kimia, Head of Business Development & Value Creation
- Drives portfolio company growth through BD initiatives, sales referrals, and team expansion
- Manages investor engagement, marketing, and community building
- Previously: Led community building at Pritzker Group (LA tech), international expansion at Harold Grinspoon Foundation, co-founded Axis Innovation (Israel)
- Educational: UCLA (BA Political Science & International Relations)
Bikram Dang, Investor Relations
- Oversees LP relationships and strategic fundraising
- Previously: 18 years at SageSpring Partners building quantitative research capabilities for pharma
- Early LP in Group 11, giving deep familiarity with firm thesis
- Background: Data-driven pharmaceutical market research
Carrie Drury, Operations
- Financial reporting, investment analysis, and opportunity evaluation
- Previously: Wealth manager at multi-family office, Wealth Strategies at Bank of America Private Bank
- Accounting firm experience in taxation for high-net-worth individuals
- Credentials: BS Accounting (San Diego State), CPA (California), CFP®
Roxane Googin, Chief Futurist
- World-renowned macroeconomic technology trends authority
- Former editor of High Tech Observer (invite-only publication)
- Research focus: Inter-modal competition between economic models disrupted by technology
- Bold predictions track record: Internet boom (1998), Internet bubble (2000), Smartphones and cloud computing (2002)
- Educational: University of Tennessee (BS-EE), University of Virginia (MBA)
- Experience: Engineering development/manufacturing, venture capital, equity analysis, lending
Recent Activity and Portfolio Performance
Recent Fund Activity:
- TIME magazine recognition as top VC firm (2025)
- Preqin #1 U.S. ranking (2024)
- New fund recently closed with active deployment
Recent Portfolio Exits and Milestones:
- Navan (formerly TripActions): Became a major public company exit for the firm; celebrated IPO (NAVN)
- Tipalti: One of firm's flagship portfolio companies achieving significant scale
- Sunbit: Major fintech player in consumer finance
- Next Insurance: Digital insurance platform
- HomeLight: Real estate fintech platform
- Masterschool: EdTech/fintech skills platform
Decision Process
Investment Committee: Partnership-based decision process with Dovi Frances (Founding Partner) and Partner-level investors (Hadas Sparfeld, Devon Morris) involved in key decisions
Timeline: Typical investment decision 2-4 weeks for evaluated opportunities
Warm Introductions: Preferred but not exclusive; strong track record of direct sourcing
Typical Involvement:
- Board seat or board observer status
- Active governance participation
- Value creation support through BD, hiring, introductions
- Portfolio company network leveraging
Founder Preferences
Group 11 seeks founders with:
- Clear business models: Disciplined, executable unit economics
- Large TAM (Total Addressable Market): Addressing substantial market opportunities
- Experienced teams: Track record of execution capability
- Distinct growth strategies: Differentiated approaches to market capture
- Character traits: Founders who inspire, demonstrate hunger to excel, execute with discipline
- Industry expertise: Understanding of financial services pain points and opportunities
- Technical depth: For founder-led development in fintech
Competitive Positioning
Distinctive Strengths:
- Fintech focus: Deep specialization vs. generalist VCs
- Israeli tech ecosystem: Unique sourcing advantage through founder connections
- Proven track record: Multiple unicorns and successful exits (Navan IPO, others)
- Active value creation: Not just capital; BD, hiring, operational support
- Experienced leadership: Team with decades of fintech and financial services expertise
- Board-level involvement: Partners take active governance roles
- Network effects: 30+ portfolio companies create customer/partnership opportunities
- Macro trend perspective: Chief Futurist position unique in VC industry
Summary
Group 11 represents a focused, thesis-driven venture capital firm with deep expertise in fintech disruption. With 13+ years of operating history, proven exits (Navan IPO), and 30+ active portfolio companies, the firm combines technical expertise with active value creation. The firm's strength lies in board-level involvement, active portfolio company support, and deep fintech domain knowledge. Founded and led by an Israeli-American GP with strong ties to the Israeli tech ecosystem, the firm sources and scales companies that fundamentally reimagine financial services.
The firm is well-capitalized, actively deploying capital, and recognized as a top-tier fintech investor by both Preqin (#1 ranking) and TIME magazine (2025). Check sizes of $5-20M place the firm in the mid-market for seed and Series A investing, with board seats and governance involvement creating sustained value creation opportunities beyond capital deployment.